I have seen several posts lately where agents can't understand why after 3 weeks they don't have a contract on short sales........Short Sales do take time but maybe the new Treasury Department guidelines will help speed it up......Or maybe the answer will just be no......What do you think?
Saturday, March 13, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/03/11/AR2010031104518.html - Article
Washington Post
The new short-sale rules
What sellers can expect from participating lenders starting in April:
This Story
Short sales to the rescue?
The new short-sale rules
-- Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.
-- The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.
-- Lenders must approve or deny a purchase offer within 10 days of it being submitted.
-- Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven.
-- These mortgage payments will not be shown as late on credit reports.
-- At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.
Comments(2)