Industry News

Seeking closure on short-sale holdups

Realtors ramp up call for standards

All too often, short sales are really l-o-o-n-g sales -- it can take many weeks and months to close a deal. And patience is increasingly wearing thin across the country as real estate agents become more vocal over the agonizing process. They argue that clearing the nation's huge inventory of distressed properties is paramount to resuscitate an ailing housing market and sputtering U.S. economy. A year after sounding off over the problems, Realtors are ramping up a campaign to prod the lending and mortgage servicing industries to embrace universal standards and procedures to streamline the short-sale process. Those include a uniform short-sale application and an online listing of people who service short-sale transactions. If that doesn't work, some are threatening to take their case to the White House and ask the Obama administration to convene a special task force. A call to action "It's a disaster. It's takes forever (to close a short sale). It's unfair to the buyer an...

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