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.”