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The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure.  A short sale, in real estate, occurs when a lender agrees to accept a discounted payoff for the property sold.  The lender releases the lien on the property upon receipt of less money than is actually owed. For example if the unpaid balance of your mortgage is $100,000 and a property sells for $85,000, under a short sale a lender might accept $85,000 as payment in full.

New measures for Short Sale are a step in the right direction. One new guide:  the lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities. 

At RE/MAX, our staff is quickly developing resources to help understand the new Short Sale guidelines and explain them to buyers and sellers. 

The Associated Press released an article on short sales.  

MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thanks for sharing. I'm a CDPE and I've found the training very useful. I believe ReMax is encouraging their agents to become CDPE's also. You can get info at www.cdpenow.com

Dec 02, 2009 05:27 PM