I recently read an article in the RE/MAX Times (a publication for RE/MAX Agents) regarding The U.S. Treasury Department, who recently unveiled a plan designed to streamline and encourage short sales.  Under provisions of the newly created "Foreclosure Alternatives Program," the process will soon include standardized documentation, cash incentives to lenders and moving allowances for homeowners.

Here's a Treasury Department fact sheet about the plan, as well as a release from the National Association of Realtors.  You may also want to read The New York Times story, headlined "Lenders More Open to Short Sales".

Many real estate agents avoid short sale listing and buyer transactions, because of the long, frustrating and often unsuccessful process.  But, with distressed properties currently accounting for a large segment of US real estate transactions, I think it's time that all agents become more knowledgeable about short sale and foreclosure property transactions.

I've represented buyers and sellers of short sale properties for many years, and l'm very excited about this initiative to streamline the short sale process!  If this program succeeds, it will save short sale listing agents a lot of time and help distressed homeowners get out of a bad situation in a more timely manner.