I don't know about you but I am seeing an improvement among some banks dealing with short sales. At first I thought it was my imagination because I had actually gotten some calls back from lenders - I didn't always have to chase them down. But I just got confirmation from one of my sources of short sale information, Chris McLaughlin. Below is a quote from one of his newsletters.
"Short sales getting shorter
Short sales often take a long time to close, but that problem
may be ending, and it's about time. Short sales are good for
both banks and buyers. A study by Connecticut-based Clayton
Holdings Inc. showed lenders from May to October 2008 lost an
average 37 percent through short sales versus 56 percent on
homes sold after foreclosure. George K. Wonica, chair of the
National Association of Realtors Conventional Finance and Lending Committee, has met with 10 mortgage bankers and servicers in Florida to address the problem, and plans a similar meeting this summer in Las Vegas. He suggests that the short-sale form developed by the California Association of Realtors is a good example of what the industry needs. Additional liens are often a big holdup too, but there could be progress on that front as well. In April, Bank of America, a major holder of second liens, announced that it would accept 5 percent of sale proceeds after real estate commissions and other costs on short sales. Previously, it had sought 10 percent."
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