We are always on the lookout for the latest news on Short Sales.  One thing is for sure, working with an experienced team can make the difference!   We have been working with Short Sales throughout our Real Estate career since 1994.

(Original Article from http://abclocal.go.com/kfsn/story?section=news/business&id=8264936)

FRESNO, California (KFSN) -- California realtors are calling on lenders to do more to prevent families from going into foreclosure. This after a recent survey found more than half of Central Valley realtors characterized closing short sale transactions as "difficult" or "extremely difficult."

Sal Valencia said, "You can't do anything if they aren't willing to talk, not willing to respond, even acknowledge you."
Valencia has been trying to short sell his Central Fresno home since August of 2009.
"At the time there was a lot of things that changed in our lives that we couldn't afford our home anymore," said Valencia.
Instead of going into foreclosure - he chose another alternative. A short sale -- where homeowners with a proven hardship negotiate an agreement with their lender to sell their home for less than what they owe. But so far - he's run into a number of man-made roadblocks.
Valencia said, "The most difficult part is the lack of communication."
Don Faught, California Association of Realtors said, "Californian's are being victimized by a process that should be helping them."
At a news conference outside Valencia's home - a group of Central Valley realtors said he's not alone - calling the short sale process "broken."
Fresno Realtor, Patrick Prince said, "The vast majority of properties we put through into contract, the buyer cancels and moves on to another property before we can get a short sale."
They say the problem is with the lenders slow response times, repeated requests for documentation and poor communication with their clients. Some realtors even said the lender foreclosed on the home before the short sale was completed.
Prince said, "I think the process is similar enough among all the lenders that it could be streamlined across the board."
They're now calling for reform. Demanding the lender appoint a single point of contact for each transaction -- speed up the approval process -- and stop foreclosure proceedings while negotiating a short sale. Solutions they believe will help thousands of homeowners who face foreclosure each year.
Valencia said, "I'd hate for someone to go through this. That's the only reason I'm here."

(Copyright ©2011 KFSN-TV/DT. All Rights Reserved.)

California pending home sales rise in June, distressed properties remain flat C.A.R. reports

For release:
July 20, 2011
California pending home sales rise in June, distressed properties remain flat C.A.R. reports
LOS ANGELES (July 20) – California pending home sales rose for the second consecutive month in June, while the share of distressed property sales was unchanged, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. 
Pending home sales:
Pending home sales in California rose in June, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 119.0 in June, an increase of 1.9 percent from May’s revised index of 116.8, based on contracts signed in June.  The index also was up 4.4 percent from June 2010.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“Pending home sales have improved in the last couple of months and the next few months should bring continued gains,” said C.A.R. President Beth L. Peerce.  “So much depends on the direction of the economy going forward. As for the makeup of the market, distressed sales continue to be a significant part of the market with the split between short sales and REO sales varying greatly across the state.”
Distressed housing market data:

• The total share of all distressed property types sold statewide was unchanged in June from May’s revised 47 percent.  The share also was unchanged from a year prior.
• Of the distressed properties sold statewide, 19 percent were short sales, a decline from last month’s share of 20 percent and last year’s share of 21 percent.
• At 27 percent, the share of REO (real estate-owned) sales was unchanged compared with May, but was up from 25 percent reported in June 2010.
• Non-distressed sales made up the remaining share of home sales in June at 53 percent, unchanged from both previous month and year.

Multimedia:

• View a video of C.A.R. Chief Economist Leslie Appleton-Young discussing highlights of the June existing home sales and price report, which was released July 14.
• View a chart of pending sales compared with closed sales.
  
  # # #

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale	June-10	May-11	June-11
REOs	25%	27%	27%
Short Sales	21%	20%	19%
Total Distressed Sales	47%	47%	47%

 
Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County	June-10	May-11	June-11
Amador	44%	61%	51%
Butte	27%	44%	34%
Humboldt	20%	17%	29%
Kern	68%	66%	66%
Lake	62%	80%	86%
Los Angeles	47%	45%	47%
Madera	54%	85%	83%
Marin	20%	28%	26%
Mendocino	32%	51%	63%
Merced	53%	59%	64%
Napa	49%	43%	51%
Orange	33%	36%	35%
Riverside	69%	65%	61%
Sacramento	62%	65%	65%
San Bernardino	69%	69%	69%
San Diego	25%	29%	28%
San Luis Obispo	40%	40%	42%
Solano	66%	71%	72%
Sonoma	43%	48%	51%
Tehama	67%	62%	73%
CALIFORNIA	47%	47%	47%

*Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.  Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market.  A sale is listed as pending after a seller has accepted a sales contract on a property.  The majority of pending home sales usually becomes closed sales transactions one to two months later.  The year 2008 was used as the benchmark for the Pending Homes Sales Index.  An index of 100 is equal to the average level of contract activity during 2008.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

5 Real Estate Scams You Need to Know About

With so much predatory scammers around, we thought this was an excellent article to help you notice the red flags in all those "To Good to be True" offers.

Still in doubt? Feel free to contact us with any questions.

Yoli and Sharon
Your Favorite Real Estate Team.

Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.

By Melissa Dittmann Tracey | August 2010

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

Free Short Sale Workshop This Wednesday.

Sharon Boatright, Yoli Manzo and Special Guest, Steve Beede, are hosting a Free and Informative Short Sale Workshop.

In the past, it was rare that a bank or lender would accept a short sale. However due to the overwhelming market changes, lenders have become much more negotiable when it comes to these transactions. Recent policy changes within many organizations have made the chances of getting a short sale approved even higher.

The following information describes the short sale process:
Home owners are "short" when they owe an amount on their property that is higher then the current market value.

A short sale occurs when a negotiation is entered into with the homeowner's mortgage company to accept less than the full balance of the loan at closing. A buyer closes the property and the property is "sold short"

At the class you will learn the Homeowner Consequences of Foreclosure vs. Shorsale.
As well as how the process works and receive a free list of all the items you will need to present your "Short Sale" request.

Seating is limited, so do email us for your reservation.
yoli.manzo@gmail.com or sharoninrealestate@gmail.com

Class is Thursday, July 22nd 2010, 6:30pm.
Remax Gold
9280 W. Stockton Blvd. #110
Elk Grove, CA 95758


Steve Beede, Attorney at Law, In 1994, Steve graduated law school and immediately formed his own firm specializing in real estate and business, BPE Law Group, which has since grown into one of the most respected firms in Sacramento handing cases nation-wide. In addition to leading his law firm and advising and representing clients world-wide, Steve is in demand as a seminar speaker, coach, and business consultant.

Another Sacramento King Ticket Give Away!

Hey Sacramento,

It's that time again! Another giveaway from your favorite Residential Real Estate Team, Yoli Manzo & Sharon Boatwright!

We are giving away a set of two seats to the Sacramento Kings game. They are playing the Golden State Warriors.



The game is Saturday, October 17th, 2009.

All you have to do, to enter is leave us a comment. If you "follow" our blog (see follow button to the right of our blog) you get your name entered twice!

We will announce the winner on October 15th, so be sure to check back, so that you can claim your tickets prior to the game. We will make arrangements with you to pick up your tickets. (You must be available to pick up your tickets)

Please tell a friend and or feel free to share this blog to others.
If you or someone you know is in need of a Realtor, we would be happy to offer our guidance and services. We have been going strong since 1994, and have been representing everyone, from 1st time buyers, to Short Sale sellers, and REO's.

First Time Home Buyer Tax Credit to be Extended?

Lobbying intensifies to extend first-time home buyer tax credit
Trade groups for real estate agents and home builders are pressuring Congress to continue and even broaden the $8,000 credit, which is scheduled to expire Nov. 30.

By Kenneth R. Harney


Reporting from Washington - It's one of the biggest unknowns bugging would-be buyers of houses and condos this summer: Will Congress let the $8,000 nonrepayable tax credit for first-time purchasers expire as scheduled 14 weeks from now?

Or will the credit get a second life and be extended for six to 12 months, taking pressure off buyers, real estate agents and escrow companies?

That's an especially urgent matter if you're a buyer just starting to shop and you see entry-level prices bottoming out or rebounding in many local markets. The tax credit statute requires buyers to fully close on their purchases -- not just be in escrow -- no later than Nov. 30. This doesn't leave a lot of leeway for people who haven't yet decided on a specific house and who haven't nailed down financing.

The process of negotiating offers, signing sales contracts, applying for a loan and completing the closing can easily extend for two months -- or a lot longer if things get off track.

Given the rapidly approaching deadline, what's the likelihood that Congress will allow at least a little extra time? Here's a quick overview: Although Congress is on its summer break, most members of the Senate and House use part of the August recess to meet with and listen to constituents in their home districts.

This year, the two biggest housing trade groups -- the National Assn. of Realtors and the National Assn. of Home Builders -- are spending the month mounting intense lobbying campaigns to make the case for extending the credit and maybe even expanding it. The effort is targeted first at the districts of members of the two tax-writing committees -- House Ways and Means and Senate Finance -- but is expected to cover most other members as well, according to officials of the two groups.

Delegations of home builders and real estate brokers already have begun descending on district offices, delivering what Jerry Howard, president and chief executive of the builders association, calls "the hard economic facts" -- the numbers of houses sold in each Congress member's district that are attributable to the tax credit; the economic ripple effects on local businesses, manufacturers and service industries; new jobs and income; plus the additional tax revenue that all this activity will help produce for local governments.

On a national basis, according to economists at the National Assn. of Realtors, the credit will be responsible for 300,000 to 350,000 additional sales of houses this year. Each home sale generates about $63,000 in downstream "ripple effects" elsewhere in the economy, they say.

If you accept the numbers, which some analysts consider a stretch, this means the housing credit provides a powerful, immediate stimulus bang for the buck. Failure to extend what may be one of the most effective pieces of the Obama administration's 2009 stimulus legislation would cost jobs, economic growth and tax revenue, the housing groups contend.

There are some signs that Congress may be getting the message. Bills are pending in both houses to extend the credit for another year. Senate Majority Leader Harry Reid (D-Nev.), whose state has been among the worst hit by the housing bust, reportedly favors an extension of the credit. He was quoted to that effect by the Las Vegas Sun on Aug. 5.

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, is cosponsoring a bill with Sen. Johnny Isakson (R-Ga.) that would raise the credit amount to a maximum of $15,000. Meanwhile, the Realtors and the builders are pushing not only for extension of the credit, but for broadening it to cover all home purchases in 2010.

But can any of this happen before the Nov. 30 deadline? The key complicating factor here is Congress' heavy load of higher-profile issues that will get attention before anything else in September and October. On top of that, a tax credit extension would cost billions in lost revenue -- a big negative when the federal budget deficit is in record red-ink territory.

In the end, however, given the political economics of the housing credit, the odds favor some sort of extension, probably later rather than sooner.

kenharney@earthlink.net

Distributed by the Washington Post Writers Group.

Investors Drive Foreclosure Prices Up.

Daily Real Estate News | July 21, 2009 | Share

Investors Drive Foreclosure Prices Up
Home shoppers in parts of the country with lots of foreclosures are finding it increasingly difficult to buy. Investors are bidding up prices thousands above the original asking price.

Federal legislation slowing the number of foreclosures is adding to the problem by reducing the number of homes on the market. For instance, in Las Vegas, one of the areas where the bidding problem is greatest, home inventories are down 10 percent since March, according to the Las Vegas Association of REALTORS®.

When a bidding war erupts, the problem is particularly difficult for traditional buyers because investors are usually cash purchasers. They can bid up a property without concern whether the appraisal will prevent them from getting a loan.

Experts say the problem is not unlike the situation at the height of the housing bubble.

"This market is about as abnormal as the hypermarket that we came out of a few years ago," says Jay Butler, director of the Realty Studies program at Arizona State University.

Source: The Associated Press, Jonathan J. Cooper (07/20/2009)

Both Sharon and I as well as our greater Sacramento Colleagues are experiencing this trend first hand. The Sacramento market is extremely competitive. We have been advising clients to view properties at least 5-10 thousand dollars under their price range, to all allow room for bidding.

Short Sales on the Rise in Sacramento

Use of short sales on rise in Sacramento housing market

The below article is a very "fitting" piece on our current market here in the greater Sacramento area. Just this week, we are in the process of listing two short sales. It appears that the only seller in this market is the seller who "Has to sell" rather than the seller who "wants to sell". If you have any further questions on the short sale process, please feel free to leave a comment or you may email or call us. (our contact information is listed on the right of our blog)

Sacramento Bee

Published: Wednesday, Jun. 10, 2009 - 12:00 am | Page 14A
Last Modified: Wednesday, Jun. 10, 2009 - 6:52 am

For years real estate agents have steered buyers away from "short sales," labeling them a mind-numbing, difficult experience that could exhaust the patience of the biblical Job.

Now buyers can hardly avoid them.

"When it's 50 percent of the inventory you don't have a choice," said a local Realtor

Banks, with their balance sheets battered after 40,000 capital-area foreclosures since early 2007, are finally warming up to short sales, a traditional marker of soured real estate markets. Increasingly, so are buyers. Some analysts believe short sales – those transactions in which banks accept offers below what they're owed to avoid the higher costs of foreclosing – may help avert a few thousand new foreclosures in the capital region.

"I still see a ton of defaults coming down the line … but a large percentage, 50 percent or more of these, will get done as short sales and keep the flow of repos to a manageable level," said Williams. "I don't see us getting flooded."

Industry analysts say half the for-sale signs in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties that aren't bank repos are short sales. They're especially prevalent in newer suburbs built during the housing boom. According to Sacramento-based Metrolist Services Inc.:

• 56 percent of Lincoln homes priced between $200,000 and $250,000 are short sales.

• 55 percent of Rancho Cordova homes priced between $200,000 and $300,000 are short sales. In Folsom, 46 percent of homes in that price range are short sales.

• 44 percent of Elk Grove houses priced from $300,000 to $325,000 are short sales.

All their owners owe more than their homes are worth. (Online evaluator Zillow.com says 68 percent of Sacramento-area households that bought in the past five years are in that boat). And most are believed to be in some stage of the foreclosure process.

Currently, nearly one in four sales pending – those expected to close escrow within weeks – are bank-approved short sales, according to Williams' analysis of Metrolist data. That's a rise from a January-through-June average of one in seven.

Bank repos, by comparison, are about 60 percent of area sales this year. But their share is falling now as the region's short-sale market share rises.

"It's a more cooperative solution," said David Sunlin, senior vice president with Charlotte-based Bank of America Home Loans. He said the firm is adding staff and streamlining procedures to do more short sales more quickly as an alternative to foreclosing.

"It allows the borrower to leave on their own terms. It's a more dignified exit strategy and the credit reporting is less negative afterward," he said. "It's a win for the lender as well. It's going to shorten the recovery cycle, which is important to all of us."

The firm, which bought Countrywide Financial last year, services one in five U.S. mortgages and is a top lender in the capital region.

Agents such as Williams hope the new BofA approach brings results. They complain that Countrywide has been among the industry's most difficult servicers for short sales.

Buyers say short sales make great deals – if you're patient.

"It probably saved us $50,000" said Helen Martinez, who, with her husband, Robert, closed escrow two months ago on a short-sale property in Davis. It took almost four months, she said.

"If you need something right away it's not going to work out," she said. "You'll sit around and wait forever and find something else."

Jamie Trussell also expects to go into escrow soon on a short-sale property in Elk Grove. He and his wife, Tricia, made an offer on the house in February, then sweetened it by $10,000 when others bid on it.

"We fell in love with the house so we remain dedicated to it," he said. The two checked out other houses while waiting, including bank repos, but Trussell said, "It's been tough to beat the house we have with everything we want."

Their long wait has had consequences, however. Higher interest rates are adding to their expected borrowing costs.

"The last few weeks I've been watching the interest rate climb," said Trussell. "It was 4.8 percent in May, and now, it's at 5.2 percent.

"Our greatest concern when we started was 'how long is this going to take?' It's really pushing to the wire for us."

Williams said many short sales fall apart between the offer and acceptance because people find other properties.

Short sales take so long because lenders must negotiate permission from other parties, such as investors and private mortgage insurers. Most recent home loans also have so-called "seconds," an extra loan that financed the down payment. Other short sales involve home equity loans or homeowner associations seeking restitution for unpaid dues.

"That can make the process more complex," said BofA's Sunlin. He said BofA also asks some borrowers to contribute funds to ease the lenders' losses "or sign a promissory note for a later date."

"We see this every week," said Scott Thompson, principal at Carmichael-based Mortgage Resolution Services, a short-sale specialty firm. He said such lender requests scuttle many short sales, prompting homeowners to instead "walk away" from the house.

Thompson said homeowners often prefer to walk away than request a short sale.

"Now, banks are ready to do them," he said. "But many homeowners are so far under water on their mortgages that they're disinclined to participate at all."

Sunlin concedes the difficulties on both ends in a still-unraveling housing market.

"These are tough times," he said. "But we are committed to make the process work better … By doing this we should see more private sales instead of bank-owned sales."

Banks Vow Smoother Short Sale Process

Sharon and I are always on the look out for all the latest news and articles regarding today's real estate market. Short sales are on the rise here in the Sacramento real estate market, and we believe they are here to stay for a while before our market rebounds.

Just last week, I checked the statistics in three popular zip codes. 95758, 95834, and 95835. (Laguna, and Natomas neighborhoods) There were 650 homes for sale and 500 of them were short sales! Only 86 homes were Bank REO's. WOW. Stay tuned, Sacramento!

We found this very interesting article, and wanted to pass it along to you. One of the most frustrating problems with Short Sales, is the waiting period. With the pressure from the federal level, we are hoping to see a more smoother process.

If you would like more information on short sales and or know anyone who needs assistance, please pass them our information.

Lenders, including Bank of America and Wells Fargo, say they are making it easier for delinquent borrowers to avoid foreclosure by selling their homes for less than they owe on them.

Their efforts dovetail with a strategy unveiled last week by the Obama administration to promote such short sales.

Demand for short sales has burgeoned because falling home prices have made it impossible for many homeowners to get high enough prices to repay their lenders if they run into financial trouble, such as a job loss.

A short sale has an advantage over foreclosure for the homeowner because it is less embarrassing and does less damage to his or her credit. And for the lender, it is less costly than having to repossess, market and maintain a vacant property.

Also, keeping a house occupied can help preserve a neighborhood.

However, because of the complexity of such transactions -- including the need for approval of a sales price by lenders, investors and mortgage insurers -- the sales often fall apart. Real estate agents complain that by the time they get an answer from the bank on an offer, the potential buyer has lost interest.

At Bank of America, the nation's largest mortgage servicer, more than 60 percent of approved short sales do not close, which is why the bank wants to streamline the process, said BofA Senior Vice President David Sunlin by telephone Thursday.

Sunlin, who manages short sales for the bank, said the bank's first goal still is to negotiate a mortgage modification that will let a borrower keep his home. But he said during those negotiations the bank can simultaneously obtain the documentation needed to qualify the borrower for a short sale if the modification doesn't work.

In the past, Sunlin said, the bank did not begin the lengthy process of qualifying a borrower for a short sale until it had received a purchase offer.

To expedite short sales, Bank of America has enlarged and updated staff training and set up a phone line dedicated to short sales that borrowers and their agents can use.

Also, Sunlin said, in 60 to 90 days the bank will roll out a Web program it will use to find and track the short sales of houses with mortgages that it services. He said the Web portal also will accept qualifying documentation from clients wishing to do short sales.

Sunlin said it typically takes 45 to 60 days for the bank to tell a client if a short sale offer can be accepted, and up to 90 days if an investor must approve it. The goal, he said, is to shorten the wait to a week.

"By doing this, we should see more private sales instead of more sales of bank-owned (houses)," he said.

Sunlin said short sales will also benefit from an amendment to President Barack Obama's Making Home Affordable program announced last week that will standardize short sale application and acceptance forms. It also provides monetary incentives to servicers and helps cover relocation expense for homeowners.

David Knight, senior vice president at Wells Fargo Home Mortgage, said in an interview that his bank has been working many months to reduce delays in the short sale process. He said the bank is working closely with borrowers' agents to increase the likelihood that the listing prices on a short sale will be accepted.

The lending and real estate industries have been on a crash course to learn about short sales since the housing market bust, Knight said. "The big challenge is none of us really understood the process," he said.

By LESLIE BERKMAN
The Press-Enterprise

Thursday, May 21st 2009