Rarely do I get my hopes up that our federal government can have much real impact on the distressed property market, but the article below gives me some cautious hope.As most of you know, I've been working in the distressed property marketplace since about Spring of 2008 - specifically with Short Sales. It's been interesting, to say the least!
It's common knowledge that shorts sales provide an opportunity for an upside down homeowner to try and do the right thing - given our current circumstances. Contrary to popular belief, and hyped up news stories, most of our distressed homeowners are in that situation because of circumstances beyond their control - and exacerbated by this real estate market. Short sales provide a dignified way of disposing of the property while preserving the most financial return for the lender.
With money at stake, you would think that the lenders would be jumping up and down to get these short sales done; but alas, it's never fast enough for the likes of me!
Fortunately we have a couple of legislators who are trying to inspire these lenders to do the right thing....for all our sake. Take a read, and hope like heck it makes a difference.
http://www.dsnews.com/articles/bill-to-speed-up-short-sales-process-and-avoid-foreclosure-2012-02-20
As always we're here to answer your real estate questions.....and we're happy to speak before any group you know of who may be interested in general real estate information, distressed property information or investing information.
Ciao,
Amy
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