Short sale delays may turn a corner

Like many areas Sarasota/Manatee counties are deluged with short sales.

Short sales for the longest time have meant short on money long on time. We are talking months and months and months of waiting. Few buyers are willing to wait that long.

Think of the extent of the problem last month in Manatee County 52 percent of home sales were distress sales, which means foreclosures or short sales. This is not going away anytime soon.

So the problem is how do lenders shorten up the process?

Well Bank of America for example and others have recently turned over their short sales to a system called Equator. This software, real people, short sale system is supposed to speed up the approval process somewhere between 30 and 45 days.

This would be a vast improvement. If it works short sales could soon be a lot more attractive to buyers who don't want to wait months or possibly a year or more for a response.

All the best
Greg Owens P.A.
Keller Williams On The Water
941.932.6343
greg@teamworksfla.com
www.teamworksfla.com