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A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS^®, would impose a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the "Prompt Decision for Qualification for Short Sale Act of 2011," was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). "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.

"REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure," said Phipps.

NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.

"As the leading advocate for home ownership and housing issues,
REALTORS^®want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time," said Phipps. "Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community."

What is a Short Sale in Las Vegas?<-----click here.

My team and I negotiate short sales for sellers who are unable to sell their home because of the property's current value is less than what they owe. Their is a lot of paperwork involved in a short sale, and the number one factor in a bank's approval of a short sale is a seller's hardship. Typically the big three hardships are:

1. Money
2. Marital (Divorce)
3. Medical

If you would like more information the short sale process, please contact me directly at

1-866-589-1646.   My team has successfully negotiated over 30 short sales with Bank Of America, Citibank, Aurora Loan Services, LBPS, Wells Fargo, and a few other smaller banks. It's absolutely essential you speak to a lawyer and tax professional regarding the implications of a short sale.  I have a team of professionals I can refer to you if you need help.  

Felipe Crook

Prudential Americana Group

Las Vegas, NV 89117