Speeding up Short Sales

U.S. Treasury Department is trying to speed up the Short Sale Process by requiring lenders to respond to offers within 10 days. This will be ideal not only for Homeowners in Miami but also in the entire Nation it will also help Miami’s First time home buyers in getting a quick response to their offers right before the end of the Tax Credit Deadline.

The Treasury Department’s plan must be implemented by April 5. The rules apply to the 83 loan services participating in the Obama administration’s Home Affordable Modification Program. Such Banks Those include Bank of America and JPMorgan Chase.

The new ruling seems too good to be true that’s why most of the Lenders are Not happy with the 10 day response deadline that Department is proposing. Lenders believe its not feasible at all not to mention a deadline impossible to be met. Most lenders claim that they are only servicing the loan and that they are not the ones that make the final decision instead they depend on their investor (the entity who purchase the loan) to make a decision.

Buyers are tired of waiting and canceling contracts after 4 or even 6 months has passed by to find out at the end that the Lender rejected or counter offered for a higher price. Buyer’s confidence in short sales is lacking due to the inefficient way Lender’s process short sales files. A standardized process have been in the talks lately and now with this new ruling is a fact that something must be done. In my opinion sellers and buyers benefit from a fast speedy process, and not only them, condominium association, local governments by recouping their past dues.

I am not quite sure if it at the end the ruling will be 10 or 30 days like but the reality is that we need something done fast, buyers have great opportunity to purchase incredible homes at affordable prices a phenomenon not seen in years this is a historic moment, this is the moment to jump into buying short sales and not to allow the same home to go to the courthouse’s auction and end in the investor’s hands to flip it. First time home buyers the new generation, recently graduated college students or simply the middle class has an opportunity of a lifetime. Let’s work together to make it happen please Lenders don’t spoil the moment when it was your industry who allowed bad loans to mess it up in the first place.