*BIG NEWS ON SHORT SALES*

A major problem the Atlanta real estate market currently faces is the growing number of bank-owned homes clogging the market. While the banks take their time processing paperwork and checking comps, the homes sit vacant for months. During this time, homes are vandalized/stripped of all or most …valuables. The preferred items are copper piping in air conditioning compressors and also plumbing equipment. Once these items are removed, the home will no longer qualify for conventional financing. Only cash offers or investor backed financing can take place. Another negative aspect of short sales is the extended period of time buyers have to wait upon submitting an offer. 4 to 6 weeks is the usual, but a 3 month wait is not out of the norm. But enough of the complaining already because a new rule issued by the Treasury recently will require lenders to respond to short sale offers within 10 business DAYS! The rule also makes up to $1,500 available to the seller for moving expenses and can possibly release the seller from any other liability.

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