Idaho has a large number of Short Sales as well as foreclosures on the market which, for the most part, is driving the current home values. Many buyers as well as sellers have been disenchanted with the whole short sale process and timeline in which the process takes place.

These new guidelines that are forthcoming will assist your Idaho Realtor in processing a short sale transaction on behalf of both parties (buyer and seller).  When investors zero in on short sales, they have more time to wait out the process until the third-party lender approves the file. When a buyer who plans to occupy the home, often has timeline constraints and gets discouraged quicker.

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 International as well as The National Association of Realtors 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, 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.

Here’s an initial Reuters news story outlining the new policies.

As we’ve said throughout 2009, the key is to become experts in the process. We expect a tremendous increase in Short Sales during the coming year, and it’s vital that RE/MAX Associates continue to lead the industry in Distressed Property skills and training.

At RE/MAX International, the staff is quickly developing resources to help agents understand the new Short Sale guidelines and explain them to their buyers and sellers.

http://news.yahoo.com/s/nm/20091130/bs_nm/us_treasury_shortsales

For more information regarding Idaho Short Sales, contact Nampa Realtor, Don Wixom with RE/MAX Advantage at (208) 880-5039 or e-mail at wixy@sellidaho.com