I just read an article about how Bank of America is putting into works methods to streamline and speed up their short sale process. My response – awesome! My reality – doubtful. A while back, the government challenged the banks to the HAFA short sale which had the intention of speeding up the response time to 45 days. Reality was that nothing much changed and short sales were still horribly long.
If this does actually work, this is great news for buyers and sellers. It’s great news for sellers because they won’t have months and months of the negative impact to your credit score as the bank sits on the short sale application. It’s even better for buyers because they’ll be able to move into the homes they want to be in even quicker than they are now!
We’ll have to wait and see – I’ll keep you posted!
Read the article on Inman News for more information.
http://www.inman.com/news/2012/04/10/bank-america-streamlining-short-sale-procedures