Illinois real estate brokers weigh in on short sales

We took the pulse of managing brokers on the topic of short sales in the June IAR Broker Sentiment Survey sent to a random sample of members of the Illinois Association of REALTORS® who are managing brokers.

Has the number of transactions involving short sales changed for your office compared to a year ago?

  • 58%  More short sales
  • 6%    Fewer short sales
  • 23%  About the same
  • 13%  No short sale transactions

Have you seen the short sale process improve since the Home Affordable Foreclosure Alternatives (HAFA) program took effect April 5?

  • 76%  No
  • 10%  Yes
  • 14%  N/A

Below are several comments by Illinois managing brokers from the survey:

  • “There are more short sales as agents and clients become more familiar with the process and the inventory grows.”
  • “We are starting to get through the inventory of short sales, but it is hard because the banks take so long to close.”
  • “Any improvement has been spotty depending on the lender we’re working with and the quality of the person at the other end of the phone.”
  • “Some banks are using the Equator.com system which helps more with accountability.”
  • “Still dealing with sellers’ agents who don’t know what they are doing and do not follow up.”
  • “Only (see improvement) if the listing agent is experienced in short sales and there are good attorneys on both sides.”
  • “Most short sales processes are still too time-consuming and frustrating for buyers due to the inadequate responses from banks.”
  • “Yes, I’ve seen improvement in the turn-around time for answers, but not in the banks’ willingness to negotiate on selling the home.”
2010-07-09T11:09:27+00:00 July 9th, 2010|Housing Market|8 Comments

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  3. Barbara Markham July 10, 2010 at 1:41 pm

    A significant factor in the success of a short sale depends on the knowledge and experieince of the listing agent and the willingness of the seller to provide all necessary documentation no later than the time of listing. If an agent has not completed any specialized training in short sales, they are doing their client an injustice if they try to stumble through a short sale. They should refer the business out to someone who at a minimum has had some training.

  4. Barbara Markham July 10, 2010 at 1:41 pm

    A significant factor in the success of a short sale depends on the knowledge and experieince of the listing agent and the willingness of the seller to provide all necessary documentation no later than the time of listing. If an agent has not completed any specialized training in short sales, they are doing their client an injustice if they try to stumble through a short sale. They should refer the business out to someone who at a minimum has had some training.

  5. Charles Paredes August 4, 2010 at 11:28 am

    had 3 offers on a short sale in Oak Park, Il. First two dropped out after 2 months.
    3rd one held up for 9 months, before Lender refused offer.

  6. Charles Paredes August 4, 2010 at 11:28 am

    had 3 offers on a short sale in Oak Park, Il. First two dropped out after 2 months.
    3rd one held up for 9 months, before Lender refused offer.

  7. Rose April 19, 2011 at 9:30 am

    E9xiru Very true! Makes a cahnge to see someone spell it out like that. 🙂

  8. Rose April 19, 2011 at 9:30 am

    E9xiru Very true! Makes a cahnge to see someone spell it out like that. 🙂

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