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Quicker short sales a win-win?

Maureen Wilkey

Writer on real estate from any angle

The opening of 2010 also celebrates what will (hopefully) be an era of quicker short sales. New government guidelines don't take effect until April, but since many short sales were taking 4-8 months to complete, the rules may start impacting sales soon.

In April, the banks will have just 10 days to accept or reject an offer on a short sale. This saves months of waiting on the part of the homeowner and buyer, but still give the bank the opportunity to get rid of the property without losing as much money as they would have on a short sale. So both the bank and the homeowner walk away better off than in a foreclosure

The other good news about quicker short sales is they will get many of the properties off the market so more homes can be absorbed. Once the inventory of short sale homes starts to dry up, we might start to see more people looking at new construction or regularly priced homes, bringing up home sale prices and demand for new properties.

For more information on how short sale guidelines will affect owners, buyers, and financial institutions, read this.



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