Thursday, March 10, 2011

L.A. Times "message" from C.A.R. re short sales

I was surprised and pleased to find a full-page "message" from the California Association of Realtors in the first section of today's (3/10) L.A. Times.  (Since it's a paid announcement, there is no link.) It is an impassioned plea to streamline and speed up the short sale process.

'Bout time.  CAR claims to have advocated for improvements to short sale guidelines with major banks, U.S. Treasury officials, government-sponsored entities and others to standardize the process, comply with federal guidelines, increase staffing, etc.

CAR is also "calling on regulators, elected officials, nonprofits, business organizations, companies, and individuals resolve this issue and others that get in the way of a recovery."

Here in So. Cal., you know that short sales can be up to 50% of a particular local market.  I also believe short sales -- or the way they are NOT conducted by the banks -- are partially responsible for the current market slowdown in many areas.  They are a large part of the market inventory, and nobody wants to go through the long, agonizing process of trying to buy one. (Seriously, I'd take 10 court confirmation-required probate sales over one short sale.) Hopefully, the C.A.R. message will be heard by our major mortgage servicers.

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