Completing a Short Sale in 2023

Are Lenders and Consumers Ready for the Flood?Completing a Short Sale in 2023: Are Lenders and Consumers Ready for the Flood?

Short sales can be a daunting process for both lenders and consumers, and with the current economic climate, it’s likely that we will see an increase in the number of short sales taking place. However, are lenders and consumers prepared for this flood? My recent experience completing an FHA short sale suggests that they may not be.

The process took 5-6 months, which is not uncommon for short sales. The homeowner was in forbearance, but with the end of the forbearance period approaching, they were still unable to make mortgage payments. Selling the property through a short sale was their only alternative.

Unfortunately, the lender was not prepared for the process. They were understaffed and not adequately trained in handling short sales. This lack of preparation resulted in a grueling process for everyone involved.

Despite these challenges, the outcome was successful. Rozalyn Franklin, with the RMF Realty Team @KW Preferred, is a certified short sale negotiator who has closed hundreds of short sales. Her expertise and experience were invaluable in navigating the complex process.

As we move forward, it’s essential that lenders and consumers prepare themselves for the possibility of a flood of short sales. This means having adequate staff and training in place to handle these transactions efficiently. Consumers should also educate themselves on the short sale process and seek out experienced real estate professionals who can guide them through the process.

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