More than 71% of short sales can take four to nine months to complete — and almost 10% of these transactions require at least 10 months, according to new survey figures released by Equi-Trax Asset Solutions.
"The respondents think this is simply too long" said Guy Taylor, CEO of Equi-Trax. "They would like to see the time period reduced so that deals go through faster and are less costly."
The Santa-Barbara based company's survey also found that more than 18% of short sales are completed in less than three months. The survey reflects the views of more than 600 real estate agents.
Realtors said having better educated borrowers might improve the sales time on these deals. They also complained that mortgage bankers are taking too long to close such transactions.
"One way to speed the process and help all parties involved in these deals is to ensure that valuations are accurate and current," Taylor said. "If they are not, the willingness to complete these deals will be reduced and the time they take to complete will increase. That means unnecessary expenses for borrowers and lenders."
