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Treasury Looking To Assist Short Sale Process
By Joanie Miller | February 3, 2010
While we’re not entirely sure if this is true (we’re still researching), some lovely news has popped up on AJCHomeFinder.com that states that the Treasure is trying to assist the short sale process.
We at Miller & Associates Realty know to well how short sales work. You take your buyer to look at a home, they fall in love with it. They make an offer, you wait; wait, and wait some more. Finally it gets approved but the property has now been sitting so long that mold has began to grow inside and prices have fallen since the initial offer that the home now wont appraise. This is exactly the cenario many of our agents have gone through.
But if this news is to be believed, effective April 5th of this year a new rule will come into effect that will make lenders respond quickly to offers on short sale properties.
According to the report, lenders will be required to respond to short sale offers within 10 business days. The banks this will initially include are Bank of America, Wells Fargo and even JPMorgan Chase.
This is exactly what we need!
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