LOS ANGELES (AP) — Real estate agents in California are accusing banks of dragging their feet on so-called short sale transactions, where lenders allow homes to be sold for less than what is owed on them.
Nearly two-thirds of the agents responding to a California Association of Realtors survey released Tuesday say banks took longer than 60 days to respond to short sale offers, and that fewer than three out of every five such offers ended in sales.
The association has previously asked federal government agencies that oversee short sales to mandate faster responses by banks and take other steps to foster more of the transactions, which they say is vital to the housing market’s full recovery.
Mortgage Bankers Association spokesman John T. Mechem did not return a phone message.
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