Proposed Bill Would Prevent Foreclosures with Faster Short Sales ...

Sunday, March 18th, 2012 | Bank owned, Foreclosures, Pre-foreclosure, Real Estate Investing, Short Sales

This is good news for real estate investors. Last month, three Senators (Murkowski, Scott Brown and Sherrod Brown) together proposed a bill called the ?Prompt Notification of Short Sale Act,? which, in essence, is designed to speed up the short sale process.

It would require ?a written response from a lender no later than 75 days after receipt of the written request from the buyer,? In turn, the response must include one of the following decisions: acceptance or rejection of the offer, a counter-offer, need for extension (only one permitted) with estimation of when a decision would be available. If this process were violated, the buyer would be entitled to $1000 plus reasonable attorney fees.

This bill could be just the thing to help improve the short sale process, which is notoriously long ? generally 6-9 months.

To read more, click here.

Tags: bank, forclosures, housing crisis, Real Estate Investing, Short Sales

Source: http://www.strategicrealestatecoach.com/2012/03/18/proposed-bill-would-prevent-foreclosures-with-faster-short-sales/

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