{"id":29868,"date":"2010-01-17T12:34:22","date_gmt":"2010-01-17T12:34:22","guid":{"rendered":"http:\/\/therealestatemango.com\/2010\/01\/17\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/"},"modified":"2019-04-23T20:54:56","modified_gmt":"2019-04-23T20:54:56","slug":"10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/","title":{"rendered":"10 Day Limit On Short Sales May Give A Jolt To Aventura Real Estate"},"content":{"rendered":"<p><strong><a href=\"http:\/\/therealestatemango.com\/files\/2010\/01\/happy-girl-blog.jpg\"><img loading=\"lazy\" class=\"alignleft size-thumbnail wp-image-1046\" src=\"http:\/\/therealestatemango.com\/files\/2010\/01\/happy-girl-blog-150x150.jpg\" alt=\"happy girl  blog\" width=\"150\" height=\"150\" \/><\/a>Almost 830,000 homeowners in Florida owe more on their mortgages than their home is worth.\u00a0<a title=\"The Treasury\" href=\"http:\/\/www.miamiherald.com\/business\/story\/1421797-p2.html\" target=\"_blank\" rel=\"noopener noreferrer\"> The Treasury <\/a>has a new regulation that requires banks to make decisions about short sales withing 10 days of receiving a fully executed contract.<\/strong><\/p>\n<p>This new rule can be good if there is only one lien on the property and if all the paperwork is available as soon as the contract comes in.\u00a0\u00a0<\/p>\n<p>Many weeks ago, I submitted a contract on a duplex in North Miami Beach and did not\u00a0 hear from the bank, in any way, for three months.\u00a0 At the end of that time, I was told that the bank was sold and that the new bank, Bank of America, would have to start the review all over again.\u00a0 Needless to say, the buyers were fed up and\u00a0\u00a0backed out.\u00a0 This is\u00a0a story I have heard time and again.<\/p>\n<p><strong>The new rule does not apply to FNMA or FREDDIE MAC.\u00a0 They are working on their own rules.<\/strong><\/p>\n<p>The banks have abused the short sale concept.\u00a0 They are really holding on to offers while they hope the market will turn around and they can get more later.\u00a0 The real outcome that happens is that more properties linger on the market, dragging prices down even further.<\/p>\n<p>Short Sales exist to avoid foreclosures but they exist on paper, only.\u00a0 Buyers are so wary of short sales, that many refuse to look at the properties.\u00a0 Even when they are advertised as <strong>Approved, <\/strong>it doesn&#8217;t mean much.\u00a0 The bank doesn&#8217;t have to abide by this.\u00a0<\/p>\n<p>Many realtors don&#8217;t know how to accurately and correctly draw up a short sale.\u00a0 All this is very frustrating for the potential buyer.\u00a0<\/p>\n<p><strong><span style=\"color: #008080\">Banks are waiting while the market is still falling and the prices that they refuse today will be even lower tomorrow.\u00a0 <\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">We will watch and wait to see if this new rule has any teeth and if the banks follow the new guidelines.\u00a0 <\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">For more information.\u00a0 Contact me.<a href=\"http:\/\/therealestatemango.com\/files\/2010\/01\/homebuyers-laughing2.jpg\"><img loading=\"lazy\" class=\"alignright size-thumbnail wp-image-1051\" src=\"http:\/\/therealestatemango.com\/files\/2010\/01\/homebuyers-laughing2-150x150.jpg\" alt=\"Laughing couple.\" width=\"150\" height=\"150\" \/><\/a><\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #993300\">\u00a0<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almost 830,000 homeowners in Florida owe more on their mortgages than their home is worth.\u00a0 The Treasury has a new regulation that requires banks to make decisions about short sales withing 10 days of receiving a fully executed contract. This new rule can be good if there is only one lien on the property and<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 Day Limit On Short Sales May Give A Jolt To Aventura Real Estate - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Day Limit On Short Sales May Give A Jolt To Aventura Real Estate - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Almost 830,000 homeowners in Florida owe more on their mortgages than their home is worth.\u00a0 The Treasury has a new regulation that requires banks to make decisions about short sales withing 10 days of receiving a fully executed contract. This new rule can be good if there is only one lien on the property andRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2010-01-17T12:34:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:54:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\"},\"author\":{\"name\":\"Admin\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/c02e56ee015dc7d104143c38d8028970\"},\"headline\":\"10 Day Limit On Short Sales May Give A Jolt To Aventura Real Estate\",\"datePublished\":\"2010-01-17T12:34:22+00:00\",\"dateModified\":\"2019-04-23T20:54:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\"},\"wordCount\":340,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"articleSection\":[\"EWM News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\",\"url\":\"https:\/\/ewmrealestate.com\/blog\/10-day-limit-on-short-sales-may-give-a-jolt-to-aventura-real-estate\/\",\"name\":\"10 Day Limit On Short Sales May Give A Jolt To Aventura Real Estate - 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