The latest survey of California Realtors shows growing dissatisfaction with the short sale process.
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More Realtors described closing short-sales as ”difficult” or ”extremely difficult” than in a similar survey late last year, according to the California Association of Realtors’ latest Lender Satisfaction Survey.
The more than three-fourths– 77% — of Realtors who said closing short-sales were tough was up from 70% in December, according to the C.A.R. survey.
The survey was a follow-up to one conducted in December 2010. The majority of those surveyed dealt with short-sale transactions, in which homeowners negotiate with lenders to accept less than what is owed on the mortgage. The questions focused on the agents’ most recent transactions.
Most of the Realtors surveyed dealt with Bank of America, Wells Fargo, and JPMorgan Chase in their most recent short sales, according to C.A.R.
“Despite promises by lenders to improve their short-sale processes, clearly, they are not doing enough,” said C.A.R. President Beth L. Peerce. “Instead of helping struggling homeowners who need to sell and willing home buyers who want to buy, lenders have created man-made roadblocks that have caused real estate gridlock and hindered a desperately needed housing recovery.”
Reasons given for the dissatisfaction:
Two thirds — 66% — of Realtors cited slow response time to a short-sale package.
55% cited poor communication with lender representatives.
51% cited repeated requests for documentation.
More than 15% indicated that the lender foreclosed on the home before the short-sale could be completed.
Two-thirds — 67% – said it took more than 60 days for lenders or servicers to return a written response on the approval or disapproval of the short-sale agreement submitted.
43% said it took the lender more than 5 days to return any form of communication.
Less than 20% said lenders responded “within one business day” or less.
Overall satisfaction: 75% were “not satisfied” or “not at all satisfied,” up from 67 percent in December.
And nearly eight in 10 — 78% — said they were “not likely” or “not at all likely” to refer buyers to the lender for future home purchases.
C.A.R. also recently asked members, through its website, shortsalescalifornia.org, which lender is easiest to work with:
40% said Wells Fargo is easiest
23% said Bank of America
17% said JPMorgan Chase
11% said Citi
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