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.”