Short Sales Getting Easier?
The feds are launching a program that will hopefully simplify the short-sale process. They plan to standardize some of the documentation, etc. The short-sale process is still evolving in both the banking industry and real estate industry.
Many Realtors have improved their knowledge of the process by acquiring the Certified Distressed Property Expert designation. This group not only teaches Realtors how to do short sales properly but they also share their experiences and expertise with each other through this new and evolving type of business.
One of the major Banks recently stated that nearly half of the short sales do not close and they (the bank) see this as lost opportunities and it is their goal to impove the statistics. One way to close more short sales would be to make the approval process quicker. There are hopes of getting the 90+ day timeline down to approximately 30 days.
