Nearly 25% of the Arizona Real Estate market is comprised of short sales. Home owners and home buyers would both agree that the short sale process is no picnic. Banks take forever to decide if they are going to accept a potential buyers offer. Then, if, and only if, the buyers offer is accepted the banks have unrealistic closing expectations. Potential buyers get frustrated with the wait and expectations of the bank and end up walking away, leaving the home seller with little to no option of foreclosure.
The short sale process as it stands is a no win situation for any party involved...including the bank. It costs more for the bank to foreclose on a home than agree to sell short. Realtors have been fighting for some kind of reform to make the short sale process more streamlined and effective. The National Association of Realtors have heard our pleas and is working on a bill to speed lender responses to short sales.
The bill was introduced to the U.S. House earlier this month. This bill would impose a deadline of 45 days on lenders to respond to short sale requests. NAR has been actively pushing the lending industry to improve the process for approving short sales. Click here to check out the full article.
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