Titled the “Prompt Decision for Qualification for Short Sale Act of 2011,” the bill was referred to the Subcommittee on Financial Institutions and Consumer Credit on May 2, with a previous introduction to the U.S House on April 12.
The National Association of Realtors (NAR) backs the decision, recognizing the benefits this action would offer for buyers, sellers, and Realtors. NAR data demonstrates that the short sale approval process accounts for approximately 13 percent of recent home sales.
“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.
Expediting the short sale process could have a significant impact on avoiding foreclosures, and preventing potential buyers from losing interest in a sale.