We as realtors have asked our Congressman to continue the "Maryland First Time Home Buyers Tax
Credit "going into 2010. In order to lower the number of foreclosures and short sales on the market and keep homes moving we need this bill to continue. Many large Banks are not doing their part in getting these dhort sales to the settlement table quickly which is still keeping homes on the market longer and frustrating buyers.
I have had great success with Citi Mtg, Indymac and Ocwen but other large banks like Bank of America and GMAC Mtg are still taking well over 90 days. Frustrating both sellers and buyers, not to mention the real estate agents who work hours a day trying to get to the right department or manager. Reform is needed in Short Sales to keep the market moving. It was announced through the Treasury Secretary back in May of 2009 a plan for Short Sale Reform was coming. I haven't seen it yet, maybe it has been put on hold until we get Health Care reform.