OfflineHey guys,
I am in the middle of negotiating to buy a short sale here in Las Vegas. My offer was accepted on December 1st, 2009, and I really haven't heard anything more about it. I know that short sales take time but I'm in no hurry because I'm going to get a great deal on it. However, my real estate agent informed me that in April 2010 there are some federal changes being enforced for short sales. I'm buying it as an investment property, but she told me that I must close on the property by April because the new regulations specify that a short sale must be your primary residence. I'm going to have her check into this because I have a feeling that she's confusing SELLING your home as a short sale and BUYING a short sale. I have a feeling the new law says that the home you are putting up for short sale must be your primary residence, and has nothing to do with buying them, but I could be wrong. Has anyone heard about these new laws?
Thanks
Here is that actual document that outlines the details of those changes
https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf
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