Las Vegas Short Sale Update: Do banks plan on streamlining the short sale process?
Indications out there on the front lines of the short sale market point to perhaps some banks are not only realizing the benefits of the short sale, but are gearing up to process them quicker. I have spoken to representatives of banks as well as other insiders and they explain the banks are reassigning personnel from the foreclosure departments to the short sale departments.
Although the short sale has been around for many years, they were very rare. Now you have hundreds of thousands of them. Demand has increased so much that they have become a mass product. The system was never designed to handle this level of volume. Think of the following analogy: Imagine making a tasty burger at home, many of us can do it. Fire up grill, invoke your recipe of a fine combination of herbs and spices, watch over it like an only child as it cooks to perfection. Now, how many of us can produce that same burger everyday to the entire population of a medium size town from our home—very few of us. The goal is no longer just making the product, but logistics and the ability to deliver to a screaming public.
The current White House administration via the Treasury Department is encouraging banks to speed it up. Some banks such as Wells Fargo have gotten proactive and we can often get approvals in about a month…not too shabby. Even ol’ Bank of America has begun to use the default services platform, REO TRANS (soon to be called, Equator) for sellers wanting to do a short sale. Rather than have the poor agents collect most of the data necessary and then have to fax 40 page packets (like they don’t get lost!) to the banks, sellers will be allowed to upload critical data right into the system itself. I don’t know if that is the complete answer, but it’s something at least!
What does this mean for distressed sellers looking to short sell their home? Improved systems will lead to an improved decision making process will not only increase the likelihood of an individual sale going through, but will bring new buyers into the market who previously would not consider a short sale due to the uncertainty involved.
Paul Rowe is the primary short sale listing agent for Sena and Associates at North American Realty of Nevada.
« Former Las Vegas Real Estate Agent Arrested for Rental Scam | Home | Las Vegas Short Sale: High Rise Condo for Sale »
Leave a Comment