Lenders Have Finally Embraced Short Sales

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Lenders have finally embraced short sales. The short sale process is becoming standardize with 7 out of the top 10 mortgage lenders now use an electronic system called Equador to close a short sale quickly. Average time to close a short sale has gone from 6 months to 2 months with the Equador system.

The main deterrent to a successful short sale in the past has been a prolonged an uncertain decision process by the lenders who were unprepared to handle short sales and uncertain if they even wanted to process short sales. That has all changed in 2010

Lenders have finally embraced short sales. The short sale process is becoming standardize with 7 out of the top 10 mortgage lenders now use an electronic system called Equador to close a short sale quickly. Average time to close a short sale has gone from 6 months to 2 months with the Equador system.

Broker Robin Speronis, founder of Zen Real Estate, http://www.AskZenRealEstate.com, has recently earned the Equator Short Sale Agent Certification and reports that with the lenders’ blessings, there has been a great shift in the market away from foreclosures to short sales. Lenders are allowing more borrows to sell their home for less then they owe as an alternative to foreclosure. The Equator web-based, electronic system is now used by 7 out of the top 10 lenders and has dramatically increased efficiency of the short sale process and cut the average short sale time from 6 months to 2 months.

“The main deterrent to a successful short sale in the past has been a prolonged an uncertain decision process by the lenders who were unprepared to handle short sales and uncertain if they even wanted to process short sales. That has all changed in 2010,” says broker Robin Speronis. “The challenge for sellers of short sale properties today will be to find a listing agent who has keep up with the trends in short sales and new lender technology and processes to get their property in the game.”

In the past short sales have been tedious and complicated. Many lenders, buyers and sellers frustrated with the process walked away and many agents totally avoided short sales. Today, a qualified short sale is priced 90% to 100% of current market value, has a committed seller with a documented hardship, a qualified buyer who is committed to seeing the short sale through to the end and a lender or lenders that are also committed to the short sale process.

For more information on short sales or to chat with broker Robin Speronis please visit http://www.AskZenRealEstate.com.

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