Short Sale Incentives - April 5. 2010. Potential buyers of short-sale homes may have better luck getting a response to their offer quicker after April 5, 2010. That's the date the federal government will begin offering lenders financial incentives to hasten the process.
Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.
Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA).
Source: The Wall Street Journal, June Fletcher (03/19/2010), National Association of Realtors
