Seems like a third to one half of the homes that I show my clients are Short Sales. Short Sales can be frustrating for buyers and require immense patience, mostly because of the long waiting period to find out if the bank will approve of the sale. Unfortunately there are times when a buyer waits for months only to find out that the bank is going to foreclose.
Governor Christine Gregoire is to sign a proposed bill which requires that a lien holder must respond, in good faith, within 120 days with an acceptance, rejection, or counter-offer of the seller’s written offer in a short sale. Apparently this bill received unanimous support by the Legislature.
120 days is still a long time to wait, but at least if this bill passes, there will be a definite end to the madness.