The Realtor Association of Greater Miami and the Beaches announced Wednesday it’s introducing a program to improve the short sale process.
ShortSaleSolutions will reduce the time for processing short sales and help the market recover, according to the Realtors’ group, which is partnering on the project with the Greater Miami Chamber of Commerce.
The program is designed to reach homeowners who don't qualify for short sales through various government programs, said Deborah Boza-Valledor, chief operating officer of RAMB.
The goal of ShortSaleSolutions is for homeowners to get prequalified in five business days. Participating lenders then will be asked to come up with a price they'd be willing to accept within five days. After the real estate agent lists the home and gets an offer, lenders will have another five days to respond.
The key, of course, is the number of lenders that agree to participate. Ocean Bank is one. Boza-Valledor said RAMB still is finalizing the complete list.
The program can work, even if it starts out with only a handful of lenders, she said.
"Once something is successful, people will want to participate," Boza-Valledor said.
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