When people ask me what a short sale is the first thing I tell them is that it is not “short.” In fact, according to many experts, the average short sale takes around 90 days.  Current legislation may shorten that time to a maximum of 75 days.
The bill is called the Prompt Notification of Short Sale Act, and Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill on February 17th.
“There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?'”