We have seen a steady rise in Short sale closings over the last 90 days. This last month in July, we had the number of Short sale closings be within 1 percent of traditional closings. So what that is saying is that you are now seeing as many Short Sale closings as traditional closings. This tells us that the Banks and Lender Servicers that have these listings are getting more realistic and focused on moving their assets.
Banks such as Wachovia have committed to 14 day response on any Short sale answer which in turn gives the consumer confidence in making that offer. The one thing we have learned in Title, as we have done over 14,000 Transactions YTD, a long illness is a sure death, time kills all deals. So if you want to get transactions done, commit to a response time for answers and then live up to the expectation you set!!
Steve de Laveaga
Sr. VP Sales and Marketing
Fidelity National Title Arizona