Bellevue and Seattle Short Sale - What's Occurring

It is a common conception that This external link was removed for your protection is criticized for taking a long time to close. A short sale is an option to sell your home for less than what you owe to the bank and because of the complex nature of the procedure, it's certain to take longer as lenders, servicers, buyers, sellers, and realtors are all working to serve their own finest interest. The short sale may take up to 2 yrs which is damaging to our housing industry and to any individual’s emotive health associated with it. Acknowledging this dilemma, senators have proposed a bill that might catalyze the short sale process. The proposed bill was induced by Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) in response to the excess of houses for sale and the countrywide delay in short sale closings that is majorly  as a result of  the lack of participation on the lender’s side. This bill, introduced February 17th, would necessitate lenders to give a definitive answer in writing no later than 75 days after the request from the homeowner/buyer. The lender might ask for a one time extension of twenty one days. Nevertheless, if an approval or denial is not received within the given time, the lender could be subject to a $1000 fine plus any attorney charges involved. This is great news but of course, nearly all great news is not devoid of any concerns. In 2011, legislators proposed six bills related to short sales and none of it went beyond the committee level. Even if proponents succeeded in passing the bill, some would question whether rushing a short sale file will make lender’s more vulnerable to faults  and fraudulent activities which would counter our efforts to eradicate the current robo-signing scandals and other negligent behavior from our lenders. There is also the possibility that the lenders might simply deny the files to stay away from the fine too. With the aid of the bill coupled with an authority negotiator working on This external link was removed for your protection file, the sale might close faster and set the home-owner for recovery much sooner.