Short Sales Getting Shorter

Good news regarding short sales. Starting June 15 lenders will have 30 days to respond to short sale offers and be ready to move forward within 60 days.  This is good news for buyers, sellers, Realtors and everyone involved in the sometimes frustrating and tedious process of getting a short sale from offer to closing.  It is not only good news for prospective buyers who will be choosing a property for their personal residence, but opens the door to investors who would like to purchase such a property but finds the current waiting period daunting. 

It seems as though the process of selling short sales may have moved beyond its infancy and into a mode that will get the home sold in a shorter time frame and everyone will benefit. Realtors also have become more knowledgeable about the process, sellers less fearful and more likely to check with their realtor or attorney about their options sooner.
Each step forward brings us closer to a more stable real estate market and closer to recovery.  Although we are not seeing a rise in prices, we are seeing multiple offers on properties.  Consumer confidence is rising; can rising home prices be far behind?

Check out this article from the New York Times for more information. http://www.nytimes.com/2012/05/27/realestate/mortgages-speeding-up-short-sales.html?_r=1&partner=rss&emc=rss