Buying a short sale Condo in Orlando!

As everyone knows it's a great time to buy real estate. However, with the banks and the economy a lot of people are scared to pull the trigger and I don't blame you. Take for instance, a client of mine with great credit and an income over 100k a year. This client is a first time buyer and wants to buy a condo in Orlando. The condo is in great condition and two years ago was appraised at 225k, the home is on the MLS by another Realtor for 105k. It says on the MLS price contingent upon approval of third party. When you see one of these messages on any home that means it is a short sale. A short sale is a property that is for sale because the current owner cannot afford the mortgage and needs out of the loan. Realtors take these listings left and right, I have one Realtor friend with 38 short sale listings it's ridiculous. The Realtors don't even know if the bank will approve the short sale or not but they take the listings and put it on the MLS. Now a Realtor like myself has a client that is actually interested in a property and you can't help but show short sale listings. The client falls in love with one of the short sale listings and we decide to put in an offer. The offer was put in 45 days ago and still no word from the bank yet. The listing agent has no answers either she just keeps saying "As soon as I hear from them I will let you know." 45 days of waiting and me having to tell a legitimate client "Sorry no word yet on your offer." Don't you think something is wrong with this picture? Even the people that want to buy a home really anxiously, can't! Do I blame the listing agent? Yes. Do I blame the Realtor Board and MLS for the short sales listed? Yes. Do I blame both the democrats and republicans? Yes. Do I blame the homeowner living in their current home and not paying the mortgage? Yes. I blame everyone because people like me that make a living with Real Estate can't right now because of this entire mess.

Update: Day 50 still no word from the bank on the Short Sale offer!

Update: Day 61 still no word from the bank on the Short Sale offer!

Update: Day 75 still no word from the bank (Countrywide) on the offer!

Update: Day 85 no word from bank!