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Thursday, April 14, 2011

Short Sales maybe be getting Shorter

There may be good news just around the corner regarding short sales - They've been anything but short in terms of time, but new legislation aims to speed that process.

Realtors® have longe cringed when representing buyers and sellers in short sales.  Short sales have been known to take a long time - and in some cases, a very long time.  I've seen them go one for 6 months and the buyer still doesn't know if he will get the home.  That makes it tough, especially if the buyer wants to live in the home - perhaps has a family and needs a place to call home. 

Often times, a home being sold as a short sale will end up loosing the buyer because the lender won't make a decision.  The buyer ends up moving on to another property because they can't wait any longer.

And, imagine the headache - and heartache - that the seller experiences.  Thanks to the efforts of the National Association of Realtors, new legislation has just been introduced that would speed the decision process up to 45 days - The legislation, "Prompt Decision for Qualification for Short Sale Act of 2011," is great news for buyers, sellers and Realtors® alike!

Photo from Flickr courtesy of Dave Stokes.

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