U.S. Sen. Sherrod Brown (D-OH) unveiled a new plan yesterday to improve the housing market by addressing “short sale” home sales. Brown’s legislation, the Prompt Notification of Short Sale Act, addresses the lengthy closing process that often comes with a short sale (which can last months) by requiring banks to respond in a timely manner when prospective buyers are attempting to purchase such homes. This bill is good for the inspection industry.
Banks and lenders are dragging their feet, hoping that the value of homes go up, so they can make some money. Sad part is that the homes are actually going down in value because of lack of maintenance.
Good for inspectors. A vacant home is a home most certainly in need of an inspection.