Short Sales continue to grow in numbers as lenders push the process instead of forcing foreclosure. In recent months there has been a lot of pressure on lenders to shorten the time-lines on Short Sale decisions. Beginning in the middle of June, two of the biggest lenders are promising to reduce time-lines for approval to 60 days. This would be a remarkable improvement. After reading a title attorney’s take on short selling, Review my Knowing your short selling options page.
The below email came to me by way of a well respected Title company owner. John Brennan of Brennan title sent this to real estate agents. Much of his email deals with Short Sale information. I have great respect for Mr. Brennan and what he says about the process and seller options is similar to what I have been saying here for months. He discusses the Short sale process some and also touches on deeds in-lieu of foreclosure as alternatives for sellers to escape foreclosure. He also states as I have in the past, that sometimes we are left no options except to let the property be foreclosed upon. It’s sad that some lenders remain so disconnected from reality. If you get a fair offer after months of marketing a property, then, it’s probably all the lender will end up getting 2 years later when they offer the property as a foreclosed asset.
I do suggest that anyone facing foreclosure attempts a short sale. I also continue to suggest that sellers discuss their options with an attorney. Real Estate agents do not, should not and can be prosecuted for practicing law without a license. Yes, an attorney can be an expense, in an already bad situation. If you want closure to the nightmare, it’s best to do it right. Right, can be different for every persons situation. Contact a qualified real estate agent and an attorney if you are in a distressed housing situation.
If you are in a potential short sale situation, it’s time to get started, the tax laws may change Contact me now to get started
Reprinted with permission of John Brennan
Brennan Title – April News 2012
Brennan Title Company | 116 Defense Highway | Ste 205 | Annapolis | MD | 21401