Illinois real estate brokers weigh in on short sales

We took the pulse of managing brokers on the topic of short sales in the June IAR Broker Sentiment Survey sent to a random sample of members of the Illinois Association of REALTORS® who are managing brokers.

Has the number of transactions involving short sales changed for your office compared to a year ago?

  • 58%  More short sales
  • 6%    Fewer short sales
  • 23%  About the same
  • 13%  No short sale transactions

Have you seen the short sale process improve since the Home Affordable Foreclosure Alternatives (HAFA) program took effect April 5?

  • 76%  No
  • 10%  Yes
  • 14%  N/A

Below are several comments by Illinois managing brokers from the survey:

  • “There are more short sales as agents and clients become more familiar with the process and the inventory grows.”
  • “We are starting to get through the inventory of short sales, but it is hard because the banks take so long to close.”
  • “Any improvement has been spotty depending on the lender we’re working with and the quality of the person at the other end of the phone.”
  • “Some banks are using the system which helps more with accountability.”
  • “Still dealing with sellers’ agents who don’t know what they are doing and do not follow up.”
  • “Only (see improvement) if the listing agent is experienced in short sales and there are good attorneys on both sides.”
  • “Most short sales processes are still too time-consuming and frustrating for buyers due to the inadequate responses from banks.”
  • “Yes, I’ve seen improvement in the turn-around time for answers, but not in the banks’ willingness to negotiate on selling the home.”
This entry was posted in Housing Market and tagged , by Ann Londrigan. Bookmark the permalink.

About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR’s Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

4 thoughts on “Illinois real estate brokers weigh in on short sales

  1. Pingback: Tweets that mention Illinois real estate brokers weigh in on short sales --

  2. A significant factor in the success of a short sale depends on the knowledge and experieince of the listing agent and the willingness of the seller to provide all necessary documentation no later than the time of listing. If an agent has not completed any specialized training in short sales, they are doing their client an injustice if they try to stumble through a short sale. They should refer the business out to someone who at a minimum has had some training.

  3. had 3 offers on a short sale in Oak Park, Il. First two dropped out after 2 months.
    3rd one held up for 9 months, before Lender refused offer.

Leave a Reply

Your email address will not be published. Required fields are marked *