In Short Sale situations, lenders and Loan-servicing Institutions Should Make it Easier for Buyers and Realtors

In Short Sale situations, lenders and loan-servicing institutions should make it easier for buyers and Realtors. Lenders should help the market and provide sellers and agents with location of online department and person responsible for processing the short sale applications. Lenders should use a single industrywide short sale application and list of supporting documents that all lenders and servicers would agree to accept. The Uniform Loan Application is an industry standard. Lenders should agree to use a Uniform Short Sale Application. Lenders and servicers should update the listing agent and seller information on the status of the short sale application throughout the process. Lenders should deliver a clear answer, in writing, yes or no, within a reasonable time, to buyers, perhaps 30 days from receipt of the complete application.
Posted by Harrison K. Long, Explore Group.
[source: David Silver-Westrick]

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1 Comments on In Short Sale situations, lenders and Loan-servicing Institutions Should Make it Easier for Buyers and Realtors

I agree with you.  In short sales it is taking so long.  I do now know after doing a few that you must have Third party auth, seller net sheet with everything on it and offer in hand ready to go to the lender. Try not to have any delays on agents part.  This will help as much as possible.

I hope things get better.

Yvette Sloan

www.yvettesloan.com 

 

04/01/2008 11:28 PM by Yvette Sloan (Century 21 House of Realty)

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Real Estate Agent: Harrison K. Long - Realtor, Broker & Lawyer (Explore Group, Coldwell Banker Previews)
Harrison K. Long - Realtor, Broker & Lawyer
Irvine, CA
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Explore Group, Coldwell Banker Previews

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