Friday, March 30, 2012

Ohio Senator unveils new Short Sale plan

Short Sale real estate agent
U.S. Sen. Sherrod Brown (D-OH) unveiled a new plan this week to improve the housing market by addressing “short sale” home sales. Short sales are real estate transactions that must be approved by the seller's lender(s) because the seller owes more on their mortgage than the proposed sale price. Brown’s legislation, the Prompt Notification of Short Sale Act, addresses the lengthy closing process that often comes with a short sale—which can last months—by requiring banks to respond in a timely manner when prospective buyers are attempting to purchase such homes."

“For most buyers, short sales are anything but. The seemingly endless waiting game associated with short sales represents a dangerous drag on our housing market,”.

Don't hold your breath on this passing.  Previous attempts with bills to force banks to act on Short Sales, languish in congress. Example:   A San Diego congresswoman introduced a Short Sales bill last year and it has little chance of passing.  Banks rule; not congress!

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