Treasury trying to standardize short sale
This is fantastic news and certainly the step in the right direction, in an effort to standardize the short sale process. One of the most difficult and time consuming aspect of a short sale is the lack of a standardized process. Bank of America’s process is different than Wells Fargo’s process which is different than JP Morgan Chase, etc….. It is not uncommon for a short sale to be delayed or sometimes denied because procedures were not followed to the letter.
As with everything else, if the Treasury tries to give banks incentives to complete short sales, we will see a higher success rate with these transactions. As a San Jose Short Sale Agent, I certainly believe this is the right step and many of us who specialize in this area would love to hear more details.
