If you're a first time home buyer in Temecula, Murrieta or other parts of southwest Riverside County or North County San Diego, you no doubt have become frustrated with many parts of today's real estate market.
Should a first time home buyer buy now?
If you're looking for homes in certain price ranges, you're spending months looking and writing offers, often in competition with 10 or more other first time home buyers. You find a home you like that happens to be a short sale, your offer gets accepted by the seller and now comes the waiting.
First time homebuyers are waiting 60, 90 up to 120 days or more to hear from the bank if they will accept the offer.
Well someone in Congress has heard the outcry and over the weekend, House Resolution 6133 (H.R. 6133) was introduced.
This legislation, if passed, will require lenders to respond to the short sale offers within 45 days. First time home buyers, like yourself, often become so frustrated at the delays, they walk away from their offer and the distressed sellers have by this time thrown up their hands in disgust and pretty soon we have another foreclosure to drive down property values.
You can call me a skeptic, but unless this legislation has some "teeth" to it, it will be business as usual. Without penalties for non-performance, I'm not sure what the lender's motivation to perform will be.
We encourage you to contact your representatives and urge a speedy approval to H.R. 6133, there are a lot of short sales waiting to happen and everyone involved needs all the help they can get.
To contact a first time home buyer specialist
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