Okay, so has no one learned yet that the government is not the place to turn for positive effects on the housing crisis? Seriously, we have now been through a couple of years of highly ineffective programs. More votes, more bills, more directives….yada yada yada…are not going to fix our housing mess.
Apparently NAR and Congressional Representatives Robert Andrew and Tom Rooney, have not been kept up to speed. They are trying to push HR 6133, “Prompt Decision for Qualification of Short Sale Act 2010” through Congress. The Bill would require lenders to provide a response to short sale requests within 45 days.
I have to give the guys props for “caring” about speeding up the short sale process. I just don’t appreciate more tax dollars being spent to create, manage, and watch-dog a program that will be as lackluster as MHA’s HAMP and HAFA and not to mention the many other programs hanging out there.
Do I think lenders need to speed up their short sale review? Of course I do. I get as frustrated as anyone when a lender does not move efficiently to provide a short sale offer response.
According to data released by NAR, the number of properties on the market that are listed as potential short sales is rising. In Grand Rapids, MI it is increasing like most markets in Michigan and across the nation.
Lengthy lender response times make short sales a MLS pariah. Buyers hate to wait through the process and worse often avoid them. Housing recovery will only come through an increase in sales. If one quarter to one third of available listings are truly short sales, then buyers need to be given some assurance the short sale process will move along quickly to get those properties off the market. Of course, our omnipotent government has the answer.
Whoa….stop the presses.
As much as I must agree with our Congressional Representatives and with NAR that the lenders need to get moving. I must also point out some other obvious flaws to timely short sale approval that are simply the fault of un-proactive homeowners, untruthful homeowners, and inexperienced agents.
If it walks like a duck, don’t tell people it’s a horse. (huh??) The number one reason that buyers bail on a short sale offer is not the lender’s slow response time. There are two main reasons that go hand in hand. One, no one set proper expectations with the buyer about the process. Two, no one screened for a buyer that would best meet the terms of the transaction. What do I mean by terms? They understand the time-frame and have no issues with financing or liquidity to meet the final approval.
To properly vest a buyer to a short sale, an agent should know their lender profiles or work with a third party short sale facilitator that knows how to look at the lenders, number of liens, seller financial issues, and investors behind the note, to analyze and predict the best course of action.
In our personal listings we have a high buyer ‘vest’ rate. We analyze the deal ahead of marketing and then spend time screening for a buyer that will ‘stick’ to the end of the process.
Should the HR 6133 Bill pass Congress, we can all hope the lenders actually jump to follow its requirements. No different than other programs, most lenders will be provided too many loop-holes and will not comply. What desperately underwater homeowners need are highly trained short sale professionals, not more legislation. You may visit our website for more information.
To Your Success!
Rapid Real Estate Solutions
Donna Tashjian with help from Short Sale Daily News
http://www.RRES-ManageMyShortSale.com
Apparently NAR and Congressional Representatives Robert Andrew and Tom Rooney, have not been kept up to speed. They are trying to push HR 6133, “Prompt Decision for Qualification of Short Sale Act 2010” through Congress. The Bill would require lenders to provide a response to short sale requests within 45 days.
I have to give the guys props for “caring” about speeding up the short sale process. I just don’t appreciate more tax dollars being spent to create, manage, and watch-dog a program that will be as lackluster as MHA’s HAMP and HAFA and not to mention the many other programs hanging out there.
Do I think lenders need to speed up their short sale review? Of course I do. I get as frustrated as anyone when a lender does not move efficiently to provide a short sale offer response.
According to data released by NAR, the number of properties on the market that are listed as potential short sales is rising. In Grand Rapids, MI it is increasing like most markets in Michigan and across the nation.
Lengthy lender response times make short sales a MLS pariah. Buyers hate to wait through the process and worse often avoid them. Housing recovery will only come through an increase in sales. If one quarter to one third of available listings are truly short sales, then buyers need to be given some assurance the short sale process will move along quickly to get those properties off the market. Of course, our omnipotent government has the answer.
Whoa….stop the presses.
As much as I must agree with our Congressional Representatives and with NAR that the lenders need to get moving. I must also point out some other obvious flaws to timely short sale approval that are simply the fault of un-proactive homeowners, untruthful homeowners, and inexperienced agents.
If it walks like a duck, don’t tell people it’s a horse. (huh??) The number one reason that buyers bail on a short sale offer is not the lender’s slow response time. There are two main reasons that go hand in hand. One, no one set proper expectations with the buyer about the process. Two, no one screened for a buyer that would best meet the terms of the transaction. What do I mean by terms? They understand the time-frame and have no issues with financing or liquidity to meet the final approval.
To properly vest a buyer to a short sale, an agent should know their lender profiles or work with a third party short sale facilitator that knows how to look at the lenders, number of liens, seller financial issues, and investors behind the note, to analyze and predict the best course of action.
In our personal listings we have a high buyer ‘vest’ rate. We analyze the deal ahead of marketing and then spend time screening for a buyer that will ‘stick’ to the end of the process.
Should the HR 6133 Bill pass Congress, we can all hope the lenders actually jump to follow its requirements. No different than other programs, most lenders will be provided too many loop-holes and will not comply. What desperately underwater homeowners need are highly trained short sale professionals, not more legislation. You may visit our website for more information.
To Your Success!
Rapid Real Estate Solutions
Donna Tashjian with help from Short Sale Daily News
http://www.RRES-ManageMyShortSale.com
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