More than half of Central Valley REALTORS® characterized closing short-sale transactions as “difficult” or “extremely difficult,” according to a Lender Satisfaction Survey conducted by C.A.R. The survey gauges REALTORS®’ experience working with lenders in their most-recent transaction. The majority of those surveyed dealt with short-sale transactions.
“The survey results demonstrate the ongoing problems homeowners are experiencing with onerous short-sale procedures on the part of lenders and servicers,” said C.A.R. Treasurer Don Faught, who recently presented the findings at a news conference in Fresno, Calif. “Despite assurances by lenders in recent months that they would improve their short-sale processes, clearly, not enough is being done. Lenders are out of touch with the realities of the market and the consequences to struggling homeowners, and the result is unnecessary foreclosures that only make California’s economic problems worse, hindering a desperately needed recovery.”
The top three obstacles REALTORS® most frequently cited in working with lenders and servicers during the short-sale process include lenders’ slow response time to a short-sale package, repeated requests for documentation, and poor communication with lender representatives. Some REALTORS® even indicated that the lender foreclosed on the home before the short-sale transaction could be completed.
Reprinted from C.A.R. Newsline
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