Short Sales

As most of us know, short sales are anything but a short process.

*Cartoon courtesy of Inman.com

The wait time on a short sale could be six months to a year, says agent Dian Hymer. Here at the Rick Martinez Team, we have experience with short sales and the frustration that comes along with them.

We have a seller that we have been working with, and we have multiple offers processing on his property right now, but the banks and institutions handling this have been dropping the ball. We have been trying to help our seller avoid foreclosure, and help a buyer get into a house at a great price.

The Obama administration is encouraging lenders to do short sales for their financially distressed borrowers rather than let the property go into foreclosure. Incentives are given to lenders who approve short sales. Slowly, the process has been improving, but it still involves more time and uncertainty than a conventional sale. – Dian Hymer

It’s always frustrating to see people lose their homes, and we are hoping that this process continues to improve.

We received notification from Bank of America last week that they have already taken steps to change their Short Sale policy.

Bank of America Home Loans will now be using Equator as the primary tool for short sales. It is a self service portal that automates the short sale process. This will streamline the process and improve the experience for both customer and real estate agents.

This system stops the process of faxing short sale requests. It also provides a guide and tips for avoiding delays. Again, it is nice to see an institution taking a step towards improving a broken system.

You can check out Dian’s article here: https://www.inman.com/buyers-sellers/columnists/dianhymer/short-sale-success-strategies

Regards,

The Rick Martinez Team