Lender Short Sale Performance Improving, but Remains Problematic: CAR

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Posted To: MND NewsWire

Lenders have made some improvement in the eyes of California real estate agents in their handling of short sales , but the process remains problematic according to the California Association of Realtors® (C.A.R.) The industry group just released results of its third annual survey on short sales and found 64 percent of its members have had difficulty closing these sales with 34 percent describing the difficulty as "extreme." A short sale is one where the lender agrees to release its lien in return for a payoff less than the actual balance of the mortgage. When C.A.R. first conducted the survey in 2010, 70 percent of respondents said they had experienced difficulty with their most recent short sale transaction. That number rose to 77 percent in 2011 with 56 percent ranking the difficulty...(read more)

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