BiggerPockets

I'm definitely no expert on short sales just yet, but if a bank is nationwide, isn't it far more efficient, even with the spread, to let local investors in whatever given areas, that know their market well, just figure out what a fair price is? It seems that banks don't usually know from state to state, let alone from city to city, or block to block, what a fair price for a given property is. And like Will and Peter said, the investor is providing a service to all involved. Why on earth would anyone do that if they weren't going to get paid for it?? Is the government now to decide what people are allowed to make? Isn't that straight-up, by-the-book communism? Don't get me started... :)

If I remember correctly, Short sales are selling at a higher price than the distressed sale of an REO. Therefore the short sale investor is actually paying the bank more than the traditionally bank method of selling through REO's and a certain "connected" agent who collects their broker fees. Not to mention the lost money in holding fees.

Wow... this is why it is so easy to hate the media. Now the politicians will feel compelled to act on this terrible activity and when enough laws are put into place, the entire system will totally collapse and what we are experiencing today will seem like a cake walk.

Will, Did you notice that the article was just slamming. No real news, just a total opinion piece. This article is a joke. And do not get me started about the rag that published this garbage. But, like all types of everything. There are always those that will act unethically.

This article has it so wrong it is ridiculous. It is so grossly wrong and oppinionated it makes me sick. Sure there are some scammers out there. But investors who disclose to all parties, have no relationship to the parties involved and act in ethical manners are providing a valuable service. They spend the countless hours faxing, calling, emailing, etc document after document with the lender they bring a buyer to the table, and they help keep the homeowner from a foreclosure on their record. This valuable service deserves a paycheck at the end of the day. The banks themselves order the BPO and have final approval of it. By accepting a set price for the property, what difference does it make if that same property sells a day or a week or a month later for more! How else can this valuable service provider get paid.