Senator Sherrod Brown unveils new plan for home “short sales”

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Senator Sherrod Brown unveils new plan for home “short sales”

WOIO – With nearly 25 percent of Cuyahoga County homeowners underwater on their mortgages, U.S. Sen. Sherrod Brown (D-OH) unveiled a new plan Sunday to improve the housing market by addressing “short sale” home sales.

Short sales are real estate transactions that must be approved by the bank because the seller owes more on their mortgage than the proposed sale price. Brown’s legislation, the Prompt Notification of Short Sale Act, addresses the lengthy closing process that often comes with a short sale—which can last months—by requiring banks to respond in a timely manner when prospective buyers are attempting to purchase such homes.

“For most buyers, short sales are anything but. The seemingly endless waiting game associated with short sales represents a dangerous drag on our housing market,” Brown said. “If we’re going to recover from the housing crisis, we need to make it easier for qualified candidates to purchase homes. This commonsense legislation helps prospective home buyers and distressed homeowners alike, while helping to rebuild our neighborhoods and to foster long-term economic growth.

 

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