Nevada City Virtual Tour

Wednesday, March 16, 2011

Banks drag feet on short sales


The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication STILL hamper short sales. 


MAKING SENSE OF THE STORY
  • Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS®’ experience in working with short sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.
  • Although not every homeowner or mortgage is eligible for a short sale, those who are able to finalize a short sale avoid a foreclosure on their credit record and can move on with their lives.
  • Banks are taking much longer to respond to short sale offers than those specified in government guidelines for banks.  Nearly two-thirds of survey respondents said banks took longer than 60 days to respond to short sale offers.  

YES THIS IS WILD AFTER ALL THIS TIME AND SUPPOSED MANDATES! 
Be sure to use an agent who has been trained and certified to reduce headaches.
Gary Tippner
SFR Short Sales and Foreclosure Resource Certified
 http://www.callgarytoday.com



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