The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We’ve been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren’t everything we were hoping for, they do represent a significant improvement over the current situation.
Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.
Here’s an initial Reuters news story outlining the new policies.
As we’ve said throughout 2009, the key is to become experts in the process. We expect a tremendous increase in Short Sales during the coming year. RE/MAX Associates continue to lead the industry in Distressed Property skills and training.
At RE/MAX International, our staff is quickly developing resources to help in understanding the new Short Sale guidelines.
RE/MAX International Chairman and Co-Founder