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The latest California Association of REALTORS® Lender Satisfaction Survey report says lenders have made some progress in their short sale processes from a year ago. Sixty-four percent of California REALTORS® said they still experienced difficulty in closing short sales, down from 77 percent in August 2011 and 70 percent in 2010. The percentage of REALTORS® who reported short sales as “extremely difficult,” dropped from 56 percent in 2011 to 34 percent in 2012.
C.A.R.’s Lender Performance Index (LPI), which measures REALTORS®’ lender satisfaction levels, rose to 23 in 2012, up from 17 in 2011 and 16 in 2010. The increase in the LPI is positive, but the index is still below the median of 50.
According to the C.A.R. report, communication issues continue to be the biggest stumbling block to the process:
* Lenders’ slow response time to a short sale package, cited by 67 percent of REALTORS® in 2012, up slightly from 66 percent last year;
* Poor communication with lender representatives, cited by 55 percent of REALTORS®, unchanged from 2011;
* Repeated requests for documentation, cited by 50 percent of REALTORS®, down from 51 percent a year ago.
* Eight percent of REALTORS® reported the lender foreclosed on the home before the short sale transaction could be completed, down from 15 percent in 2011.
However, overall satisfaction in working with lenders in short sales improved, with 59 percent expressing dissatisfaction, down from 75 percent in 2011.
REALTORS® believe a more standardized process may be the best way to facilitate the sale of homes that qualify. “The Federal Housing Finance Agency’s decision to align Fannie Mae and Freddie Mac short sale guidelines will allow lenders and servicers to quickly and more easily qualify eligible borrowers for a short sale,” says Richard Miller, who is chief banking officer of Ratecomb and serves as affiliate chair of the Silicon Valley Association of REALTORS® (SILVAR). “We are seeing progress as all parties involved strive to maintain better communication and are proactive with solutions.”
SILVAR President Suzanne Yost adds, “Whether a struggling homeowner chooses the path of foreclosure or a short sale, the experience is both financially and emotionally difficult. We hope lenders will continue to make improvements so the process is both easier and quicker for homeowners.”
The 2012 leadership team of the Silicon Valley Association of REALTORS (SILVAR) was installed Jan. 12 at Villa Montalvo in Saratoga. California Association of REALTORS® (C.A.R.) treasurer Chris Kutzkey administered the oath of office to the association’s 2012 president Suzanne Yost and the board of directors.
The Silicon Valley Association of REALTORS® represents over 4,000 REALTORS® and affiliates engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
Yost is a broker associate with Alain Pinel Realtors, Los Gatos. Also on the leadership team are Carolyn Miller (RE/MAX Real Estate Services), president-elect, and Phyllis Carmichael (Coldwell Banker), treasurer.
In addition to the three lead officers, the following members sit on the 2012 board of directors: Gene Lentz (RE/MAX Distinctive Properties), past president; Jeff Bell (Coldwell Banker), Region 9 chair; Chris Isaacson (Coldwell Banker), Menlo Park/Atherton District chair; Cassie Maas (Luxor Real Estate Group), Los Gatos/Saratoga District chair; Niki Miller Maroko (RE/MAX Real Estate Services), Cupertino/Sunnyvale District chair; Jane Volpe (Midtown Realty), Palo Alto District chair; Denise Welsh (Intero Real Estate), Los Altos/Mountain View District chair; John Tripp (Foundation Trust), NAR director; David Barca (Alain Pinel Realtors), Bill Moody (Referral Realty), Bill Rehbock (Coldwell Banker), Bryan Robertson (Sereno Group), David Tonna (Alain Pinel Realtors), directors at-large; and Richard Miller (RateComb.com), affiliate chair.
A graduate of California Polytechnic State University – San Luis Obispo and Santa Clara University School of Law, Yost was named REALTOR® of the Year in 2006 by the Santa Cruz Association of REALTORS®, Salesperson of the Year in 1982 by the San Luis Obispo Board of REALTORS®, and has served as director and chair of a number REALTOR® committees at the national and state level. She was SILVAR’s 2009 Professional Standards Committee chair, a 2010 board director, and 2011 co-chair of the Bay Area REALTOR® Leadership Academy. Yost is a Los Gatos resident.
The 2011 Appreciation Awards were presented to Julia Truesdale Keady (Alain Pinel Realtors), REALTOR® of the Year; Richard Miller (RateComb.com), Affiliate of the Year; Eileen Giorgi (Alain Pinel Realtors), Spirit of SILVAR; and SILVAR board attorney Dave Hamerslough (Rossi, Hamerslough, Reischl and Chuck) and Vickie Naidorf (legal counsel for Coldwell Banker), President’s Award.
As 2009 president, Keady spearheaded the Bay Area REALTOR® Leadership Academy, a leadership program designed to identify, train and develop existing and emerging leaders to serve and advance organized real estate. She was also recognized as 2011 C.A.R. Region 9 chair. Presenting the award, 2011 president Gene Lentz noted Keady “has performed in an exemplary fashion in every single committee or assignment that she has been given. They take huge effort and dedication.”
Affiliate of the Year Miller was recognized for “unequivocally embracing and adopting the principles, goals, and purposes of the association.”
As chair of the REALTOR® Service Volunteer Program (RSVP), a free REALTOR® service assisting senior homeowners with household tasks, Lentz said Giorgi, who also served as 2011 president of the Silicon Valley REALTORS® Charitable Foundation Trust, “personifies the essence of this award, through her hard work in making RSVP the success it is today.”
Lentz thanked Hamerslough and Naidorf for educating REALTORS® on legal issues and for their efforts in updating the association’s PRDS Forms purchase contract and creating the counties’ advisory.
Silicon Valley Association of REALTORS® says ... 