NAR Pushes Bill for Quicker Response on Short Sales

NAR pushes bill for quicker response on Short Sales

Inside a professional Realtor's mind on Short Sales...

Short sales have been on the rise in the real estate marketplace over the last couple of years. The biggest problem that we Realtors have faced is that the banks have not been prepared to handle these transactions efficiently. Now, when I say "we Realtors", understand that "we Realtors" are in the business of serving buyers and sellers. Without consistency and standards, it is nearly impossible to assist our clients in the expert manner that they deserve. Though most clients understand that certain things are beyond our professional control, we are continuously striving to better our industry and so our ability to serve our clients (whether they know it or not).

There have been many improvements to the Short Sale process as of late, but the biggest problem still remains... response time.

Why is that a problem?

Well, when a seller is in a position to NEED to sell, time is not exactly on their side. More often than not, sellers who seek a Short Sale are doing so in an effort to avoid a forclosure. What ends up happening is that the banks take too long to approve each aspect of the transaction. The main example being the offer to purchase. It is not unusual for lenders to recieve an offer to purchase and not respond to it for 6 months or longer. As you can imagine, this results in the frustration of both buyers and sellers. Many buyers walk away simply over the lack of any kind of timely response.

NAR (The National Association of Realtors) represents over 1.1 million members and is by far the loudest "voice of real estate". It's members, myself included, can tell you how important it becomes to sellers that they be able to sell their properties in these already stresfull situations. Homeowners may now find that relief could be on its' way thanks to the efforts of our National Association. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was offered yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.). The bill would require lenders to respond to consumer short sale requests within 45 days... something Realtors have been advocating for their clients for quite some time.

I'll let you know how it turns out...

Natalie Flaming
Realtor - Broker Associate
The VIP Team
Metro First Realty
Direct: 405.412.5452
www.TheVIPofOKC.com