Short Sales Transactions To Get Sped Up April 5.

By Troy Corman, t2realestate.com

On April 5, the federal government will begin providing incentives for lenders to complete more short sales in a more timely fashion. As part of The Home Affordable Foreclosure Alternatives (HAFA), the program will have banks order a BPO, or broker price opinion, on the home before it's put on the market for sale. Banks will then share with the sellers the net proceeds they are willing to accept on the property. If a buyer makes an offer that is equal to or greater than the predetermined bottom net proceeds the bank has agreed to accept, then the lender must accept the offer within 10 days.

Under the current formula, short sales often take from 3 months to a year to get completed. Keep in mind, that there may be other bidders on pre-approved short sales, so keep your contract as clean and as free of contingencies as possible.

Also, short sales often involve unpaid property taxes, homeowners' association fees and liens. So make sure you always get title insurance and make it clear that you're not responsible for any of those liabilities the seller has accumulated. 

To  view Dallas short sales and foreclosures, or Fort Worth short sales and foreclosures, visit todayshomedeals.com