Everyone in the marketplace is being affected by this issue right now in very different ways. The biggest reason the news is making such a splash about the issue is because no one has any idea when it will end. We are constantly being updated by agents who work with the banks saying that hopefully it will be resolved in a matter of days, but they have no better insight than anyone else.
The fact is, there are hundreds of thousands of foreclosure filings that are having to be reinspected to make sure they were signed and reviewed correctly the first time around by a processor who was expected to process THOUSANDS of filings per day…
I wouldn’t hold your breath for a 3 day turnaround!
Buyers that are currently waiting on a response or are waiting to close this is a very difficult situation. I am working with a couple who (luckily) is in a lease until the end of November, but we were expecting to close on their home last Friday. The banks should be highly prioritizing files like this to get them closed asap, but nonetheless it is difficult planning for a close that you have no idea when it is going to happen.
Sellers that are currently on the market should be seizing the opportunity of having limited opposition from the REOs that have tormented you since going on the market. It’s difficult seeing a home across the street sell in 5 days to a cash buyer for half the price you are listed for, and for at least a short time those are not going to be an issue. It is time to be aggressive with your pricing and encourage some of the buyers that they need to make an offer on your home rather than waiting out the storm.