Short sales increasing in world’s largest lenders!

Bank of America is anticipating a 60-70% increase in short sales for 2012, which will be between 160,000 to 170,000 sales compared to 100,000 in 2011 and 90,000 in 2010. These increases are attributed to many things other than the increasing speed and ease of short sales, including the following as stated:

  • Growth of a specialized short sale staff to 3,000—an increase from 250 in two years
  • Assignment of dedicated transaction specialists
  • Service agreements with standards for response times
  • A specialized staff of 125 dedicated to escalations
  • The creation of a Closing Center of Excellence, focused entirely on expediting the closing of short sales
  • Community outreach to financially distressed homeowners
  • A team of 35 specialists dedicated to the Equator relationship and customized programming in response to agent feedback to improve process flows

CLICK HERE to read the full article from CDPE.

Katerina Gasset

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