Will Short Sale be easier?

Most buyers when they see a short sale home, they either think that they are going to get a good deal or look the other way. Most buyers are looking the other way because short sales tend to take some time before it closes, ranging from two months to as long as ONE year waiting for the third party approval, the bank. Most buyers lose interest quick, especially if they are first time buyers hoping to take advantage of the First Time Homebuyer Tax Credit. However, the government are going to implement some new policy to streamline the process.

"On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program. Part of the Home Affordable Modification Program, HAFA helps homeowners who are unable to retain their home under HAMP by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. Homeowners must meet certain requirements to participate and incentive payments are provided to homeowners and servicers."

Now when buyers are looking at short sale homes, lets hope they will be more reluctant to look and purchase the home.