The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. RE/MAX has been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren't everything we were hoping for, they do represent a significant improvement over the current situation.
Short Sales have been difficult to close in general (even with our 87.5% success rate), and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.
