Short sale rules that went into effect in 2009 that required real estate agents to make disclosures to consumers will not be enforced due to the confusion it created for real estate professionals and consumers. The disclosures that could cause homeowners to avoid seeking the assistance of a REALTOR to list their homes as a short sale or cause agents to decline to help have been waived under the Mortgage Protection Relief Act. Enforcement of the rules regarding short sales will be discontinued as long as agents are in good standing and comply with state laws and are working to assist homeowners with a short sale. Rules regarding loan modifications still apply as does full disclosure in cases of short sales.
There are currently 60 Murrells Inlet homes listed as short sales of the 715 active listings in the Murrells Inlet area. While this translates to 8.3% of active listings an increase in Murrells Inlet short sales could be on the horizion as homeowners fall behind on mortgage payments due to job loss, divorce or unforeseen medical emergencies that force them to sell their homes.
In the FTC statement issued July 15th it is clear that homeowners need the help of REALTORS® to assist with short sales and the MARS rule confused the process at a time when homeowners needed the services of real estate professionals. This is good news for homeowners as they work with lenders and agents to sale their homes and avoid foreclosure. For more information on short sales in Murrells Inlet contact Sandra Bundy @843-902-7615.