You possibly have read the post “NAR should ban Short Sales”. Let me strongly disagree. Even if they could, they shouldn’t. We all need succesfull short sales and no-one more than lenders. I understand the frustration with the process. Lenders present to us total inability to handle the volume. But it is not just the volume. Most lenders “defend” themselves from doing short sales in a false hope that right after foreclosure, the price will move up again. They simply didn’t adjust to the new reality that it might take a while for prices to start moving up again. It doesn’t take a rocket scientist to realize that lenders have to maximize the success of their loss mitigation departments to reduce the number of foreclosures. There are many ways to do that and short sale are one of the most effective ways of doing it. So, to save themselves and to reduce the number of foreclosures, lenders have to fix the short sale process. They have to regain consumers and agents confidence in the process. Is it easy? No, it is not. Is it possible? Yes, it is. There are many things that can be done and lenders should do them, but I will talk about it another time. In the meantime, if it was up to you to fix short sale process what would you do? There many of us and maybe lenders will start listening.
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