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Old 05-04-2010, 02:43 PM
 
14 posts, read 58,547 times
Reputation: 16

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I agree that short sales are a hassle - as a realtor I've had my share of "hassles" with the banks. There is some hope on the horizon however. As of April 5, 2010, there were new rules put into effect governing how short sales are handled. Recently, I've actually been able to get responses from lenders in a timely manner...amazing...considering that last year we would wait for MONTHS to try and get a response. Here's a short synopsis of what is involved in the new rules...the key here is the 10 day required response time. Also, the language "participating" lenders is used...so you would have to know if the house you are trying to buy is being held by one of the lenders "participating" in these new rules!

guidelines that are going to go into effect on April 5th, 2010. Not all banks are participating in the program so check with your lender to see if you qualify.
[SIZE=5]New Short Sale Rules[/SIZE]
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Old 05-10-2010, 05:35 PM
 
Location: The Miami Of Canada
1,043 posts, read 3,719,096 times
Reputation: 290
Thank you Kremlack! That article you linked to/posted from is very helpful! I just hope the Banks are going to follow those laws as it would make things much easier! Also, I didn't know about that $1,500.00 for relocation, as that would be helpful, but is there a special application to ask for after closing to get that?
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