Equi-Trax Asset Solutions LP has released a survey of the difficulties real estate agents face completing short sales. “According to the survey, 71.9 percent of respondents reported that a short sale can take four to nine months to complete, and they think that is simply too long,” said Guy Taylor, chief executive officer at Equi-Trax. “They would like to see the time period reduced so that deals go through faster and are less costly.”
In addition, nearly 10 percent of short sale transactions require more than 10 months to complete, though 18.2 percent of deals require less than three months to complete. The survey reflects the views of more than 600 real estate agents who responded to the survey.
When agents are asked to select ways to make short sales easier, 57.6 percent think lenders should take less time to close the transactions; 14 percent think borrowers should be better educated about short sales; and 40.4 percent think both of these changes are necessary to improve the process. Respondents to this question could select as many answers as they thought were relevant.
“One way to speed the process and help all parties involved in these deals is to ensure that valuations are accurate and current,” said Taylor. “If they are not, the willingness to complete these deals will be reduced and the time they take to complete will increase. That means unnecessary expenses for borrowers and lenders.”
For more information, visit www.equi-trax.com.