Real NEWS | Proposed Bill to Shorten Short Sales

UPDATED  |  Latest on this bill is that it has been “referred to the Subcommittee on Financial Institutions and Consumer Credit” as of 5/2/11.

Original Post  |  My first short sale experience was as a buyer; sure, I had heard the horror stories. But my point of view was that I was looking for the right house—regardless of what type of sale it was.  Of course I ended up falling in love with house that was a short sale.  6 months.  That’s how long it took for the bank to accept my offer.  A lot can happen in 6 months.  Or not happen.  So, any legislation that would help move along these decisions—I find interesting.  Because the “short” in short sale certainly does not refer to how long they take to close.

The proposed bill, H.R.1498: Prompt Decision for Qualification of Short Sale Act of 2011, aims “to require the lender or servicer of a home mortgage, upon a request by the homeowner for a short sale, to make a prompt decision whether to allow the sale.”  Wouldn’t it be nice.  We’ll see how it shakes out.