System Designed to Expedite Short Sales for Lenders

American Banker (05/28/08) P. 11; Berry, Kate
National Quick Sale says its new automated system can make it possible for short sales to be closed within 10 days, rather than the typical two months. Rich Rollins, president and CEO of the Jacksonville, Fla.-based company, says the system gathers information from real estate brokers and sellers electronically and collects broker price opinions so that sellers are presented with an analysis of the home's net present value. Short sales generally take as long as they do because servicers do not have the time to gather the necessary documents and calculate the home's value, boosting foreclosures and investor losses as buyers turn their attention to a different property. "We can automatically accept an offer on their behalf," states Rollins. However, critics say the technology will do nothing to shrink the short sale process because buyers still must be lined up and properties still must be evaluated.