Short Sale Relief on the Horizon?

A new bill introduced in the U.S. House of Representatives could bring relief to distressed home owners hoping to avoid foreclosure through short sales. The “Prompt Decision for Qualification for Short Sale Act of 2011” would impose a deadline of 45 days on lenders to respond to short sale requests.

The current short sale process can be time-consuming and inefficient, with some Realtors® reporting sales taking up to 10 months to complete. Many buyers walk away from a sale that could have saved a home owner from foreclosure. Ironically, short sales generally cost lenders less than homes that go into foreclosure.

What has been your experience in buying a short sale property or selling a home as a short sale?

Related posts:

1. Why Do Short Sales Take So Long to Close?
2. Homeowners to Get Help with Troubled Loans
3. Florida Real Estate, Existing Home and Condo Sales Up in December 2010
4. Florida Existing-Home Sales Continue to Improve in April 2010
5. Florida’s Existing Home, Condo Sales Up in January 2011