Tuesday, March 8th, 2011
Dear REALTORS®,
Over the past few months, I’ve been sharing with you the many things that C.A.R. has been doing to address your concerns related to short sale transactions. We recently conducted a survey to obtain information about members’ experiences working with lenders in distressed transactions. The results of the Short Sale Lender Satisfaction Survey were released just today, and I’d like to reveal some of the findings to you. (See the full results.)
- The survey found that fewer than three in five short sales close in California, which illustrates the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures.
- The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays – problems that many of you probably have experienced firsthand.
Overall, the survey results show that the short sales system is clearly flawed and must be standardized and streamlined to reduce the inventory of foreclosures. I want you to know that C.A.R. has been working on many fronts to make this happen. It has appointed two distinct task forces just to help address this issue. In addition to conducting the Short Sale Lender Satisfaction Survey, another of the action items the task forces have undertaken is writing an open letter to consumers focusing the spotlight on short sales.
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