Current Survey Results

YRI Short Sale Survey Report

On December 1st we sent a Short Sale Survey to Agent’s in markets especially hard hit by the ongoing Housing crisis. These Included California, Florida, Arizona, Nevada and others. We wanted to learn what agents in these markets know and what their current experience’s is with handling Short Sales.

The responses were varied but a few things stood out after reading all the comments. Of course there was not complete agreement on these points but the consensus of the majority reported the following good news. See the complete survey results below.

1. Short Sale processing times are getting shorter with the major banks.

Agent Comment – “I noticed the Bank of America is becoming more organized and their response times are improving. Chase is also improving their processing time lines. Hopefully next year will be much better than this year

Agent Comment - “The banks are improving their systems for shorter time frames.  A big help was getting rid of the deficiency rules”.

2. An Agents knowledge, training and effective management of the process with banks reduces the time it takes to complete a short sale.

Agent Comment - “Short sale approval should be the first thing an agent does before they ever put the home on the market.  I am CDPE certified and if every agent would take this course it would help them to understand the process a little better”

Agent Comment - “ I have been CP mentor trained for seven years, 2009 completed CDPE cert. AND have been very successful w/ high percentage approved short / settled for my seller clients (with no money out of seller’s pocket for our services)……

Jay Hull–Remax….. http://www.jhpropertymatch.com/

Agent Comment – “I seek all the training I can absorb. I have both CDPE & SFR designations, and am considering more”.

Thanks to everyone who participated in our survey!