Real Estate Agents to Lenders: Short-sale Process Broken
More than three-fourths (77%) of agents said short-sale transactions were difficult or extremely difficult, up from 70% in December, according to a California Association of Realtors® survey.
Palm Coast, FL – August 3, 2011
California real estate agents say closing short-sale transactions are "difficult" or "extremely difficult," and said procedures by mortgage lenders and servicers are only serving to make matters worse over the past six months, according to a new survey.
The lender satisfaction survey was conducted by the California Association of Realtors.
More than three-fourths (77%) of agents said short-sale transactions were difficult or extremely difficult, up from 70% in December, according to the CAR survey. The survey gauges agents’ experiences working with lenders in their most recent transaction. The majority of those surveyed dealt with short-sale transactions — sales in which the lender agrees to accept less than the balance owed on the mortgage. Short sales are one method for homeowners in default on their mortgages to avoid foreclosure.
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