I recently read an article that indicated that in today's market short sales are becoming one of the most popular ways to help sellers in disposing of a property that they owe more money than it's worth.  The article went on to say that the short sale process is becoming more streamlined, as lenders are getting a better grasp on how to handle these types of sales. In some areas more internet programs are being added, as well as additional staff to deal with the large amount of short sale properties.  I think that there are many more real estate professionals that have fine tuned their short sale skills, also.

Some agents are indicating the short sale process is taking less time than before and that lenders are more approachable and more eager to work with a distressed seller. Is this true? On one of the files we are working on, the lender has been wonderful to work with. They have been johnny on the spot, prompt and quite proficient.

On another file, the same lender has been dragging their feet in signing a contract after they provided us with an approved short sale price.  The buyer and seller were asked, by the lender to sign the agreed upon contract 3 weeks ago, and get it right back to them. We did, And, we are still waiting for the lender to sign off on the contract. The buyer is waiting as he is ready to do inspections.

A short sale stays on your credit for about 2 years, whereas a foreclosure can stay on your credit for up to 5 years.

Real estate professionals, are you finding that short sales are taking less time than before and that banks are more agreeable to working a deal with an owner today? I think it depends on the lender and the mitigator assigned to the file.

Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.