New Short Sale Guidelines
By Bob on Dec 3, 2009 in Investing in Real Estate, Short Sales And Foreclosures
There is a growing consensus that the short sale process is getting better. Here is an except of a recent news release:
The U.S. Treasury Department has set guidelines to streamline Short Sales. The Foreclosure Alternatives Program will provide financial incentives and simplify the process; some key highlights include:
- Response from a lender within 10 days of an offer
- Seller released from all liability for repayment of mortgage debt & entitled to relocation incentive
- Lender paid $1,000 to cover administrative & processing costs
- Property must be listed with licensed real estate agent that does regular business in houses’ neighborhoods
- Lender is prohibited from requiring a reduction in agreed-upon real estate commission
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From what I’m seeing there is also a growing trend among Realtors to become better educated about the Short Sale and Foreclosure process. There are numerous companies selling education programs to real estate professionals. Just in the last few months the National Association of Realtors joined in by offering a new certification called SFR or Short Sale and Foreclosure Resource.
Hopefully this will ease the fear of these sales and encourage more buyers to consider short sales. Here is a short video explaining the new guidelines:
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