Updated policies on short sales in Atlanta and across the country
Below is the latest letter from David Liniger, the Chairman and Co-Founder of RE/MAX International with an update to the the latest short sale policies (which will hopefully make short sales in Atlanta a little easier).
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. We've 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, our staff is quickly developing resources to help you understand the new Short Sale guidelines and explain them to your buyers and sellers.
Be sure to open the Mainstreet Link e-mail you receive tomorrow. It will contain the latest news and details about the Treasury plan, as well as video and print materials you can add to your marketing presentations. We're also putting consumer information on remax.com and will be communicating ongoing developments via Facebook and Twitter.
RE/MAX International Chairman and Co-Founder