Short Sales to become Streamlined

By
Real Estate Agent with Ebby Halliday Realtors

Starting in April the lenders have to follow ceratin guidlines that are going in to place.  If a property qualifies for a short sale the lender will be required to tell the Realtor what they are willing to take for the property before the agent list the property as for sale as a possible short sale.  Also the lender will be required to answer any offer with in 10 business days, unlike the months that it take now to get an answer from them.  All of these new guidelines should speed up the process and cause less foreclosures. The new program is the Home Affordable Foreclosure Alternatives Program. So we as listing agents should have a fast method of getting these Short Sales done, therefore saving people from foreclosure.

Comments (2)

Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Will this also affect the time it takes to get approved?   That is the slowest part - taking forever!!

Mar 04, 2010 02:03 AM
Claudia Stipe
Chapman Hall Professionals - Cumming, GA

Glad to hear it; finally something sensible is going to happen with short sales, and real estates can stop avoiding them.  Buyers don't have the time it takes to deal with short sales, and the poor seller who needs relief doesn't have time to wait months to sell their property.

Mar 04, 2010 02:11 AM