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Banks Are Responding Quicker To Short Sales

posted in Real Estate Market by Kathleen Yamauchi

The Short Sale transaction process has taken a turn for the better. A process that once took as long as six to ten months is now whittled down to as many weeks. Banks are realizing the importance of responding more quickly to submitted offers, and they have increased their staffs to meet the rising demand of distressed home owners who owe more than their homes can fetch in today's market.

I recently opened two Short Sale escrows and both banks, National and Chase, ordered and had appraisers in the homes within ten days. Each promised to respond to the offers within ten days of receiving these appraisals. It should make the Short Sale process much less of a nightmare for folks already stressed by economic conditions.