It's been often said that short sale and foreclosure news are like the weather in Oklahoma - if you don't like them, wait five minutes. Some lenders are getting better, some have gotten worse, and others have gotten better again still. That being said, in all the networking and speaking that I do, I get the impression that there is a general understanding that we can do better, and a general desire to do so. This comes from ALL areas of the market - the lenders, the servicers, the real estate community (sales people and attorneys), and of course, the distressed borrowers.
Couple of interesting articles this weekend. First, is an article from REALTOR Magazine about the bank's progress in improving the foreclosure proceedings and their communication with the distressed borrowers (read about it here). It's been said that accountability is only as good as the underlying enforcement, and it seems that a number of Federal authorities with "teeth" (FTC, the Treasury, the Congress) are wanting to see some measured improvements. Second, is an article from the Wall Street Journal which casts a shadow of doubt on the actual progress that the banks are doing (read about it here).
So, the progress is certainly give and take. But we continue to believe that short sales are a needed and a wanted tool for disposal of distressed property, and that the process will get better with time, as all parties learn to work with one another, and continue to improve the process.
Couple of interesting articles this weekend. First, is an article from REALTOR Magazine about the bank's progress in improving the foreclosure proceedings and their communication with the distressed borrowers (read about it here). It's been said that accountability is only as good as the underlying enforcement, and it seems that a number of Federal authorities with "teeth" (FTC, the Treasury, the Congress) are wanting to see some measured improvements. Second, is an article from the Wall Street Journal which casts a shadow of doubt on the actual progress that the banks are doing (read about it here).
So, the progress is certainly give and take. But we continue to believe that short sales are a needed and a wanted tool for disposal of distressed property, and that the process will get better with time, as all parties learn to work with one another, and continue to improve the process.
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