March 18, 2012 Josh Cantwell (0) This is good news for real estate investors. Last month, three Senators (Murkowski, Scott Brown and Sherrod Brown) together proposed a bill called the “Prompt Notification of Short Sale Act,” which, in essence, is designed to speed up the short sale process. It would require “a written response from a lender no later than 75 days after receipt of the written request from the buyer,” In turn, the response must include one of the following decisions: acceptance or rejection of the offer, a counter-offer, need for extension (only one permitted) with estimation of when a decision would be available. If this process were violated, the buyer would be entitled to $1000 plus reasonable attorney fees. This bill could be just the thing to help improve the short sale process, which is notoriously long – generally 6-9 months. To read more, click here.