Weekly Update 4-13-12

I am going to try and once again publish weekly updates in regards to the Real Estate Market. This weeks big news is that Bank of America is attempting to speed up their turn around times on Short Sale transactions. They claim the new changes taking effect will speed up the turn around time to 20 days on getting a short sale approved. They have been using the Equator System (Software) for some time which has been cumbersome at best however the changes I have observed are a step in the right direction. Less steps and less customer required documents to produce equates to quicker file processing. Let hope the reality matches the optimism.
On another note I expect REO (Bank Owned) property listings to once again increase with more banks cleaning up their backlogged deliquent accounts. These will be the properties where the owner has no hope of negotiating to save their home but will be given cash incentatives to quit claim off their deeds and move on.
Both of these scenarios will mean much more traffic for area Realtor's. Our office is fielding many more phone calls and inquiries from potential short sale clients and also from Bank Asset managers about listing their properties. I anticipate having to hire many new Associates to handle the upcoming work load.