A new bill introduced in the U.S. House of Representatives could bring relief to distressed home owners hoping to avoid foreclosure through short sales. The “Prompt Decision for Qualification for Short Sale Act of 2011” would impose a deadline of 45 days on lenders to respond to short sale requests.
The current short sale process can be time-consuming and inefficient, with some Realtors® reporting sales taking up to 10 months to complete. Many buyers walk away from a sale that could have saved a home owner from foreclosure. Ironically, short sales generally cost lenders less than homes that go into foreclosure.
Anything but short… Talk to Realtors® about the short sale process and their experiences helping both buyers and sellers in these transactions. Interview home owners who are trying to sell their homes in a short sale, and buyers who are trying to purchase a short sale about their experiences.