Short sales, sounds like a short process? Not at all, at least that has been the norm in the past. However this morning I was sent a news article from The National Association of Realtors Magazine, that informs us on the newest laws and trends. According to this article, there was a recent settlement with state attorneys general five largest mortage services that mortgage services will be adopting new speeder requirements that will improve the short sale process. My true feelings about this, 'Hooray! and Finally'!

Clients often express their dissappointment with the length of the short sale process, both from the homebuyer and homeseller standpoint. If there is a ready and willing buyer and seller, then what can't the banks just get an approval quickly underway? Well, it seems, we've finally gotten a new requirement that will encourage lenders to speed up the process.

Scoure of information below comes from: AG Settlement Starts the Clock on Short Sales,

Here are some of the new requirements for servicers under the settlement:

• Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.
• Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.
• Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale.
• Servicers are also required to form an internal group to review all short sale requests.
• Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses.

'If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That's not a bad deal.”

Ready to learn more about how to buy or sell a short sale in San Diego? I'm happy to explain the process and sit down with you and make sure you have all the tools and information so you can make the best decision, and there is no charge for this consultation. Email me at melia@prusd.com or call 760 681 9960 to set up an appointment.