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Old 09-15-2011, 11:41 AM
 
Location: Reno
843 posts, read 1,826,503 times
Reputation: 583

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I'm hearing horror stories of short sale offers take 4+ months to get a response from the bank, which seems to be at direct odds with this SB 414 which basically requires that the bank get back on offers within 90 days.

However as I understand it nothing is being done to enforce this. Anyone have any experience getting the state to enforce this? According to the Legislative Counsel's Digest of the bill the bank can be assessed an administrative fine of up to $10,000. Seems worth pursuing, unless of course the banks pad the appropriate persons campaign finances?
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Old 09-17-2011, 03:19 PM
 
Location: Seattle area
492 posts, read 867,253 times
Reputation: 342
Probably best to just select the "exclude short sales" check box when you do your searches. Banks are obviously coddled by gov't, I wouldn't expect anything to change soon. For them, laws are just suggestions.
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Old 09-19-2011, 09:42 AM
 
Location: Reno
843 posts, read 1,826,503 times
Reputation: 583
Quote:
Originally Posted by Jalhop View Post
Probably best to just select the "exclude short sales" check box when you do your searches. Banks are obviously coddled by gov't, I wouldn't expect anything to change soon. For them, laws are just suggestions.
Luckily for us, we're no in any rush so not likely to skip short sales. Sure does seem like this law was lip service to the proles with no intention of enforcing.
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