House bill would give short sale deadline

Officials hope a new short sale bill will reduce foreclosures.A bipartisan bill introduced in the U.S. House this week would work to speed up the short sale process and keep many of those properties from going into foreclosure.The legislation, introduced by Florida Republican Tom Rooney and New Jersey Democrat Robert Andrews, would require lenders to respond to any short sale request within 45 days.The lawmakers say that sometimes potential buyers end up canceling their offers because lenders fail to respond, instead choosing to purchase another available property or deciding not to buy at all.”Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures,” said National Association of Realtors president Ron Phipps. “This benefits sellers, lenders, buyers, and the entire community.”Even with the issues currently associated with short sales, they continue to make up a significant portion of home sales both in Houston real estate market and nationwide. According to the National Association of Realtors, they represent about 13 percent of recent sales.Courtesy of 2M Realty News

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