Banks are quickly accepting bids and writing contracts for foreclosed homes, but many Realtors and buyers are complaining that settlements are taking excessively too long.

Michael Collins, a Fountain Hills resident and Realtor, has been campaigning to encourage Realtors to voice concerns about lenders’ rules, regulations and procedures.

Collins, a Realtor since 1995, recently was elected a director of the Scottsdale Area Association of Realtors and Arizona Association of Realtors. He and his daughter Shannon comprise the The MoveUp AZ Team at Square One Realty in Scottsdale.

“It is the U.S. banking industry, not the U.S. government which can provide the most expedient solutions to our slumping housing market,” said Collins.

“It is the U.S. banking industry that needs our full-focused attention right now. After years of working REOs and short sales, we know one thing conclusively, lenders make terrible property owners.”

REOs are properties that return to the mortgage company after an unsuccessful foreclosure auction.

Due to the volume of REOs and short sale properties in the Greater Phoenix area, lien holders feel that they can dictate policies and procedures to Realtors.

“I can tell you first-hand the stimulus package just passed seems to have emboldened the lien holders to be even more assertive. In doing so, they often ask us to violate our ethics, our fiduciary to the homebuyer, and our time-tested rules, regulations and procedures. Hungry for a commission in these tough economic times, some real estate agents feel pressured to cooperate.”

If left unchecked, Collins said the housing recovery will be unnecessarily extended.

Collins recommends:

• Lenders restructure loans for homeowners heading into foreclosure.

• Negotiate in good faith and streamline the short sale process for a four to six week approval period instead of four to six months.

• Lien holders should hire Realtors under the same terms and conditions as homeowners do.  

Collins has mailed his comments to the Arizona Department of Financial Institutions, national, state and local associations of Realtors.