Serhiy Onyshchuk / KW Marysville – Northwest WA Real Estate, Call 425.610.SOLD (7653)

From the blog:

45 Days Short Sale Legislation Introduced

May - 10 | | 3 comments. | Blog, Home Buying, Home Selling

45 Days Short Sale ProcessWith the short sale process being as frustrating as it is for many sellers and buyers (and real estate agents ;), there’s a new bill introduced in the US House of Representatives.

If approved the ”Prompt Decision for Qualification of Short Sale Act of 2011″ (H.R. 1498) will require that lenders reply to a short sale package within 45 days. Now, hear this. If the lender fails to make a decision, the short sale will automatically be approved!

You would almost want them to forget about your file! :)

The bill is currently referred to a House subcommittee for a review. I wonder what its destiny will be…

3 Responses to “45 Days Short Sale Legislation Introduced”

  1. Regina says:
    June 1, 2011 at 11:16 am

    this would be great, then we would have an increase of resales and the housing market would recover faster.

    Reply
  2. r k says:
    July 5, 2011 at 7:52 am

    I agree w/ Regina; another action encouraging short sales is for gov’t to take back ALL $$ it gave various banks and industry esp. those who have NOT increased lending. This would spur them to get serious about doing short sales to get something back for what they lent out of their own greed from the start- and to seriously LEND again and LOOSEN credit requirements to individuals and businesses a bit, though maybe not to where we were in ~2005…

    Reply
  3. jcm says:
    April 10, 2012 at 11:00 am

    If this is the Sherrod Brown bill, the days to respond is 75 days, not 45.

    Reply

Leave a Comment

©2012 NWMLS. All rights reserved. Information deemed reliable but not guaranteed. The listings presented here may or may not be listed by the Broker/Agent operating this website. Listings that are provided courtesy of NWMLS are marked with the NWMLS "three tree" icon. Information last updated on 5/20/12 8:00 AM PDT.

This IDX solution is (c) Diverse Solutions 2012.