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10 Comments on Waiting on Proposed Bill To Speed Up Short Sales Process
Cherise,
Won't that be the day!
If the bill passes, I don't think it will change the way banks are doing business very much. The 45 days will likely begin when the bank acknowledges that it has all paperwork. I wonder how that's going to work out. After the 45 days pass, the bank can reject the short sale. Sellers could probably start over if they want. It will be a surprise if the bill becomes law, and it will be even more of a surprise if it changes anything of substance.
Michele,
Hope it passes to at least create some type of movement in the right direction.
Mike,
I understand your point very clearly. It's like RESPA about having closing figures determined 72 hours pre-closing. How often does this actually happen? Yet, hope this sparks some momentum forward regarding the short sale process.
Cherise and Gordon,
It always amazes me that the government has to step in, instead of the banks coming up with solutions. I just hope this works well for everyone involved. A
Alexandra,
Unfortunately, I think the banks are already tied to big government... g
I keyed in the word "Waiting" which I found rather humorous as it is what we often do when an offer is submitted on a short sale. Hope this situation can be given proper attention and things get cleared up for better handling of the short sales. Unfortunately this probably is wishful thinking!
Connie,
Fortunately, we do not work with many short sales in our office, yet these do affect market dynamics. Connie, I really appreciate your comments always because you're authentic and offer sage insights... g
This would be wonderful, if it ever passes. I just wish they'd at least rename them to "eternal sales"-LOL
Erika,
Eternal Sales has a good ring to it... g