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A recent survey revealed that a short-sale transaction of a home can be a real hassle for the homeowner, buyer and broker.

A short sale is the sale of a home or other real estate when the proceeds from selling the home fall short of the balance of debts secured by liens against the property and the owner cannot afford to repay the lien’s full amounts. The lien holders (usually a mortgage lender) agree to release their lien on the real estate and accept less than the amount owed on the debt.

Realtors are dissatisfied with short-sale transactions; 77 percent categorize short-sales as “difficult” or “extremely difficult,” according to a California Association of Realtors member survey. Brokers nationwide have expressed the negative feeling about short-sales.

The latest assessment, noted in the survey, shows an increase of 7 percent from the previous survey conducted last December. Overall, 75 percent of realtors were “not satisfied” or “not at all satisfied” with their interaction with lenders and servicers, up from 67 percent in December.

According to the survey, communication was the source of much of the dissatisfaction. Slow responses to short-sale packages were a concern among 66 percent of realtors.

Other concerns included “poor communication with lender representatives,” noted by 55 percent of respondents, and “repeated requests for documentation,” noted by 51 percent.

It should be noted that Fannie Mae has introduced the Short-Sale Assistance Desk, a program that allows real estate agents direct access to Fannie Mae to obtain short-sale approval.

Jim Woodard writes for Creators Syndicate, creators.com.