The number of short sales in Florida is rising, but lenders haven’t kept pace.
Bipartisan legislation was introduced last week to speed short sales by requiring lenders to decide whether to accept an offer within 45 days. The bill addresses the biggest obstacle for homebuyers and owners in short sale situations. By requiring lenders to make decisions on short sales within 45 days, this legislation would speed transactions and help prevent homes from going into foreclosure.
H.R. 1498 – the “Prompt Decision for Qualification for Short Sale Act of 2011” – would bring the processing time for short sale price approvals in line with the time required for other types of real estate deals by mandating a quicker response from the lender – at most 45 days after submitting the request for short sale approval.
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