Streamlined Short Sales
admin | Sep 25, 2009 | Comments 11
There has been allot of rumors out there the treasury will step in to either take over or mandate a response time for servicing companies to respond to short sale offers. There is talk that there will be a required 21 day response time either by acceptance, rejection or counter to the seller. Supposedly there will be an announcement about this by month end. The banks has come to the realization that they can minimize their loss through a short sale instead of a foreclosure. This may be a trend, moving to short sales instead of taking the property to foreclosure. The current administration has already put into place a loan modification program to keep people in their homes, which has been somewhat successful. Bottom line, reducing the number of foreclosures will help create confidence in buying and also stimulate the housing market to recover.
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