HUD is committed to streamlining and speeding up the short sale process as part of the Making Home Affordable program. This effort is part of the ongoing goal of reducing or eliminating foreclosure. Details on how this streamlining will happen involves; "....standard process flow, minimum performance timeframes and standard documentation, and it offers financial incentives to servicers and borrowers to pursue these alternatives to foreclosure." (Bolding mine)
In this market real estate agents working short sales often find themselves hurrying up to wait, which results in frustration and stress of the home owner and the real estate agent. Perhaps the financial incentives being offered to the lender will be the push needed to get the lender and the real estate agent working as one unified team. Perhaps it will result in timely returned calls and email responses. Perhaps it will result in status updates. Perhaps it will result in the right hand not only knowing but also understanding what the left hand is doing.
If that happens then the money will be well spent, the borrower will avoid foreclosure and we as real estate agents will have a tremendous amount of frustration and stress lifted off our shoulders.
Related Florida real estate views:
I have accepted an offer on my home subject to the bank approving a short sale. Does my agent have to list my home as pending?
Is this a short sale? I want to buy a home but don't want to wait that long.
Why overpricing your home will not work
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