New Rules for Short Sales

Real Estate Blog Article

Monday, April 05, 2010

Today's the day for Miami Beach real estate, the day when those oh so popular short sales start to become a little easier.  Up until today, a short sale always came with the caveat of an uncertain timeframe, largely because of the uncertainty of when a lender would respond which could've taken months.  That's just one of the problems that are now a thing of the past, in case you're unaware of these long in the works new developments.

Thanks to the U.S. Treasury, if you were to purchase Miami Beach real estate then a lender must respond to your offer no later than ten days.  As a means of encouraging sellers and banks to be more proactive with short sales, there will be financial perks offered to improve the odds of a short sale.  Sellers will be especially pleased to know that any pending debt will not become their responsibility.

If these new rules serve their intended purpose,  there's a very strong possibility that markets such as that of Miami Beach real estate will experience a rebound somewhat sooner than anticipated as short sales will likely increase as a result.  Do these new short sale rules have the power to change things for the better?

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