Kansas City REALTORS care - Short Sales in Kansas City Should Speed Up!

A new bill introduced in the U.S. House is aimed at improving the process for approving short sales. The bill may soon bring relief to distressed Kansas City home owners who are unable to keep their homes and hope to avoid foreclosure by imposing a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the "Prompt Decision for Qualification for Short Sale Act of 2011," was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.).

After seeing some short sales take over 18 months to negotiate, this bill should help speed up the process. Many buyers are hesitant to make an offer on a short sale, even a pre-approved one, because of the horror stories they hear.

 The National Association of REALTORS (NAR) has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Many Kansas City REALTORS including us are applauding the writing and presenting of this bill.

"As the leading advocate for home ownership and housing issues, Realtors want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time," said Phipps. "Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers and the entire community."

The National Association of Realtors, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

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Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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