Sen. Sherrod Brown Wants to Speed Up Short Sales
WSYX – Central Ohio realtors hope a bill making it’s way through Congress will make short sales shorter.
“In order for the housing industry to recover, we have to weed out these short sales,” said Kathy Shiflet, of the Columbus Board of Realtors.
Shiflet said 21 percent of sellers in the Columbus area use short sales, transactions which must be approved by the bank because the seller owes more on their mortgage than the proposed sale price.
The lengthy process can be frustrating for sellers and a turn off for buyers.
Byron Carle and his wife are trying to sell their home in Columbus’ Old Town East neighborhood. They have had three transactions fall through due to lengthy short sales.
