Survey Finds Short-Sale Process Still Broken

Aug 8, 2011 by

More Realtors characterized closing short-sale transactions as “difficult” or “extremely difficult” than late last year, indicating that lenders’ and servicers’ short-sale procedures have shown little improvement in the past six months, according to the latest Lender Satisfaction Survey conducted by the California Association of Realtors (C.A.R.).

More than three-fourths (77 percent) of California Realtors reported closing short-sale transactions as “difficult” or “extremely difficult,” up from 70 percent in December, according to the C.A.R. survey. The survey, a follow-up to a survey conducted in December 2010, gauges Realtors experience working with lenders in their most recent transaction. The majority of those surveyed dealt with short-sale transactions — transactions in which a homeowner with a demonstrated hardship negotiates with the lender or lenders to accept less than the balance owed on the mortgage.  Read More

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