Short Sales and Foreclosures

This pdf produced by the NAR a year ago is a good start at identifying problems in the short sale process. However, the process still sucks as banks and lenders are overwhelmed and understaffed to deal with this issue. This creates a bottleneck in the correction of housing prices. The banks and lenders are keeping many of their distressed properties out of sight so the market often does not have a clear picture of existing market conditions which makes risk higher for buyers.

In my opinion, the key to this problem is creating an auction platform for all short sales and foreclosures and having full cooperation of banks and lenders so that there is complete transparency of all these assets in each local market.

Easier said than done.


























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