With new Short Sale Guidelines coming in the near future and the pressure put on banks to give an answer within 10 days of receiving the short sale request, will they just start saying no?
We all know that third-party lenders are swamped with short sale files,which they are trying to get processed. With all the parties involved, including investors like FNMA or FDMC as well as a multitude of private investors, will the banks actually be able to give an answer within that short amount of time?
There are fears that they may just start to answer “no” and then send the property to foreclosure. This could cause havoc on home sellers and buyers alike! This practice could also potentially flood the market with more foreclosures, causing home prices to drop even more in some regions.
Let’s hope the Treasury Dept. will be smart with the new guidelines and help the process rather than hinder the bigger picture.
Nampa Idaho Realtor, Don Wixom, believes the new guidelines are a good thing and very much needed, but will the banks actually be able to process short sales that quickly. It may create new jobs by spreading out the work load to new employees, but the learning curve might be another issue.
To find homes for sale in the Idaho area, visit Don Wixom’s #1 Real Estate Website in Idaho: sellidaho.com. Don can assist you in finding Nampa homes, Meridian homes, Boise homes, short sales and Idaho Foreclosures.
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