A Snap Shot of Our Short Sale Market
October 29, 2012
At CENTURY 21 Lois Lauer Realty we have a short sale department. For two years we have had our own designated negotiator plus an assistant. It is a real help to be able to assign the short sale negotiating process to her as she has come to work with various lenders and their requirements. I asked her if she had built relationships with the asset managers/negotiators. It was interesting to note that in the two years there are only two that are the same. It seems that asset managers and negotiators do not remain in that prosition for very long. It is a high stress job with all the agents and designated real estate negotiators pushing conmstantly for a response to a potential purchaser's offer.
As of this morning, our short sale department has fifty-eight active short sales that are waiting for lender responses. There are sixteen short sale transactions that have been accepted by the lender and are presently processing through escrow.
With sellers trying to beat the December 31st deadline for debt forgiveness, we mat see an increase in the short sales that sellers are willing to accept and to submit to their lender.
While asset managers/negotiators do seem to be responding more quickly than they were a year ago, it still takes far longer than the once touted ten day period that HARP and HAMP called for. Five to seven months has not been unheard of. Let's hope that the trend continues for more timely responses from the lenders. After approximately four years of dealing with short sales, one would thnk that the lenders would have developed a system that could expedite the process. The lender would have a non-producing asset on the books for a shorter period of time and sellers and buyers could get on with their lives.
At CENTURY 21 Lois Lauer Realty we have a short sale department. For two years we have had our own designated negotiator plus an assistant. It is a real help to be able to assign the short sale negotiating process to her as she has come to work with various lenders and their requirements. I asked her if she had built relationships with the asset managers/negotiators. It was interesting to note that in the two years there are only two that are the same. It seems that asset managers and negotiators do not remain in that prosition for very long. It is a high stress job with all the agents and designated real estate negotiators pushing conmstantly for a response to a potential purchaser's offer.
As of this morning, our short sale department has fifty-eight active short sales that are waiting for lender responses. There are sixteen short sale transactions that have been accepted by the lender and are presently processing through escrow.
With sellers trying to beat the December 31st deadline for debt forgiveness, we mat see an increase in the short sales that sellers are willing to accept and to submit to their lender.
While asset managers/negotiators do seem to be responding more quickly than they were a year ago, it still takes far longer than the once touted ten day period that HARP and HAMP called for. Five to seven months has not been unheard of. Let's hope that the trend continues for more timely responses from the lenders. After approximately four years of dealing with short sales, one would thnk that the lenders would have developed a system that could expedite the process. The lender would have a non-producing asset on the books for a shorter period of time and sellers and buyers could get on with their lives.
posted by shirley harry at 9:29 AM
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