Short sales are transactions that the bank must approve because the seller owes more on the mortgage than the sale price. Sen. Brown’s legislation, the Prompt Notification of Short Sale Act, addresses the lengthy closing process that comes with a short sale by requiring banks to respond on time when prospective buyers are attempting to buy such homes.
Sen. Brown outlined how The Prompt Notification of Short Sale Act would improve the process for both sellers and buyers involved in “short sale” transactions and bolster the housing market and our economic recovery.
The goal of The Prompt Notification of Short Sale Act is to improve the process for buyers considering a “short-sale” home. It can take months to get a response from banks or other loan servicers to short sale offers. Sen. Brown’s legislation requires a written response of an acceptance, rejection, counter offer, or the need for an extension of time within seventy-five days of a request from a homeowner, providing buyers and sellers of short sale properties with predictability during a real estate transaction.
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