California Realtors push for easier short sales
Even as home seizures stall nationally with big banks facing a potential overhaul of the foreclosure system, California’s real estate agents want to see an alternative to foreclosure made simpler.
The short sale, in which a lender allows a borrower to sell their property for less than what is owed, remains doggedly difficult to do, the California Assn. of Realtors contends in an open letter published Thursday in seven major California newspapers, including the Los Angeles Times.
The real estate group is pushing for banks to approve more short sales and for regulators to streamline the process. The real estate agents argue that short sales are better for consumers and banks.
“We’re focusing the spotlight on short sales and calling on regulators, elected officials, nonprofits, business organizations, companies and individuals with a stake in California’s economic future to resolve this issue and others that get in the way of a recovery,” Beth L. Peerce, president of the Realtors group, wrote in the letter.
For a deeper look at some of the issues dogging short sales, take a look at this Times article on the subject published last year.
-- Alejandro Lazo
Credit: Graphic by truliavisuals via Flickr based on survey data from November 2010.