There are new rules on the horizon that require lenders to provide pre-approved terms for short sales. These sales, in which homes sell for less than owners owe, have been driving sellers, buyers and especially Realtors, crazy... as they can drag on for months without resolution.
The new requirements pertain to sellers who have been refused a loan modification.
The minimum amount a bank will take for these houses will be disclosed upfront, so a buyer's bid is more likely to be accepted. That should help to speed up the loan process, at least a little.
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