Short Sales to Speed Up – There is A Much Better Option for Homeowners though…
By Chad Corbett on in Home Sellers, Rent To Own Sellers, Uncategorized with No Comments
Last week the New York Times featured an article “Speeding Up Short Sales”. In which they highlighted the positives of how expediting the short sale process will clear the glut of homes that are in default that will inevitably foreclose.
“With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process.
Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days.”
Typically a short sale takes from 4 – 8 months with the vast majority of them falling apart after the buyer and the seller have invested a considerable amount of emotion and energy into the process. Speeding up the process may force the lenders to become more efficient and process more which will result in more that actually close but I still don’t recommend short sales any longer.
Because of the uniqueness of this housing crisis owners have no equity and banks have no liquidity and until one side frees up we aren’t going to see any kind of real recovery. Banks realize this more than anybody and are now willing to “make a deal” with most owners. There are much better solutions than a short sale for owners but not many professionals know this.
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This post was written by
Chad Corbett – who has written 14 posts on www.REsolutionsVA.com.
Chad Corbett is a REALTOR, an Investor and a Consultant offering a variety of creative solutions and "outside of the box" services to both Buyers and Sellers. In addition to owning REsolutions Real Estate Services as an Investor, Chad owns Portfolio Properties Real Estate as a REALTOR. For somewhat-conventional real estate guidance focusing on Luxury Homes, Commercial Assets and Investment Properties throughout the country visit www.PortfolioPropertiesRE.com.