Since the decline of the housing market and the rise of short sales, the greatest irony of short sale transactions has been that they have typically been very delayed and drawn out--- making them anything but “short.” An improved business model, implemented last month, is showing good signs of decreased timelines. With the average time for a short sale, constrained at 5 months, ServiceLink (a national lender platform) is now documenting approval to closing time of these sales as less than 45 days.
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Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
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Oh...I hope this continues to improve. Though we don't have as many short sales or foreclosures here in Austin, they are here and the lat one I closed took almost seven month!
I hope it continues and that we manage to get through this phase of real estate quickly. Your clients are in good hands Mara!
I think a lot of banks and servicers are trying to speed things up to either approve or move on to the next step of foreclosure.
My experience is that many lenders are getting better but I would say the average is no where near 45 days.
Hi Mara! I hope the situation does continue to improve......short sales are going to be around for a while. There are a lot of people needing help and the experience is bad enough without the pain of waiting too!
Hi Mara, That is good news - I certainly hope they continue to get faster approval. We don't have many short sales here, but for those that do- a shorter time frame would be a blessing!
Hello Mara, I've tried to stay away from short sales for that reason (length of time to close and difficulties with the lenders), but I am seeing more of them now or maybe it's clients finding them looking for a bargain...what ever it is it doesn't make sense to turn business away. I'm getting near a short sale situation with a couple of listings of mine...hope it doesn't come to that. Hopefully things will take a turn for the better...it really is about jobs.
I forgot to tell you when I was by earlier, that the photo in this post is just adorable! Kids can fall asleep almost anywhere!
Russell - We don't seem to have so many short sales right now, more foreclosures.
Bill - that sounds about right, but the shorter time notes must have happened somewhere!
Hi Ann - We are all learning so much in this market!
Mary - I'm glad they've at least improved! {And that sleepy traveler in the photo is my grandson...he was with his mom, waiting for the train! :-)
Nick - Hello! Your clients are in good hands with you! Thanks for stopping by.
Hi Mara, I hope this will ge true and not just false hope. I had one lasted over a year and a half and then the bank foreclosed......
Now THAT would have been a great photo/post for the Marketing Moments group! :)
Hey Mara, same here, keep moving forward in a positive direction. I agree with Liz, I love the photo that goes with the post haha :)
I've been working with several realtors on short sales and it can be grueling. Sellers and buyers get so frustrated with the process. Banks should have been required to use some of their TARP money to hire more people to process short sales. Killing 2 birds with 1 stone... help the unemployment numbers and speed up the process for short sales. But what do I know? (-:
Now THAT is some good news about short sales--becoming shorter!! And, I'm with Patty--great suggestion to improve the economy!
Great chatting with you yesterday--it's always a pleasure!