HUGE news in the world of short sales…the House is considering a bill that would force lenders to approve or deny a short sale request within 45 days. As anyone who has dealt with a short sale knows, lenders commonly take 6 to 8 months to respond to a short sale request, frustrating buyers who often walk away, leaving the underwater homeowner back at square one in the process. Many buyers won’t even look at short sales, knowing that short sales are not usually worth their time and energy, given the very low approval rate. (Read this blog post about why short sales don’t usually close.) This created gridlock in the housing inventory, given the sometimes high percentage of inventory that falls into the ‘distressed’ category.
The bipartisan bill, Prompt Decision for Qualification of Short Sale Act of 2010 (H.R. 6133), is sponsored by Reps. Robert Andrews (D-New Jersey) and Tom Rooney (R-Florida).
Are you a DC or Nothern Virginia homeowner considering selling your home via a short sale? I’m certified by the Home Rescue Institute and able to provide some information about the pros and cons of a short sale, foreclosure, loan mods, and bankruptcy. Don’t make an uninformed decision. Contact me for a confidential meeting. Or read more here: Should I do a Short Sale?