The largest state organization of real estate professionals in the country has urged the mortgage community to improve the short-sale process, suggesting, among other things that they set realistic time frames in which to make their decisions and then stick to them.
In a letter to JPMorgan Chase, Citigroup, Bank of America and Wells Fargo, the nation's four top lenders and servicers, Beth Peerce, president of the 160,000-member strong California Association of Realtors, said that "change in the short-sale process is critical." The group is the largest state affiliate of the million-member National Association of Realtors.
Peerce acknowledged that short sales can be expected to be a big part of the state's real estate landscape for years to come; she wrote that "we believe banks, investors, homeowners, and real estate professionals all have a common interest in conducting these transactions expeditiously and efficiently."
