Anthony,
Thanks - I appreciate that. I say yes, you do need to negotiate full release for 7-figure deals because the qualification is for deals under $729,750. I still suggest for deals under the $729,750 to submit a similiar short sale package as before with cover letters stipulating a full release of the homeowner. One reason is it seems like it may be interesting following these changes and how the banks actually adhere to them, and more specifically how Treasury enforces them. Do not get me wrong. I think these are very welcome changes with the intent definately to push short sales as opposed to allowing the property to get all the way to REO status. One interesting provision to follow though will be the acceptance or denial requirement of within 10 days. Many banks are not staffed now to get responses inside 60-90 days. How are they going to comply with a ten day requirement? Again, these are very welcome changes we will want to monitor to see their effect. I think it is important for investors to be aware of them; as we mey need to remind banks of these new parameters, especially early in the game. Bottom line - these changes are very good news. Reality (especially regarding time frames) - we will have to see. Having knowledge of the changes when dealing with the banks - should prove valuable versus less informed short sale shops. I suspect knowing of the changes could result in us reminding the bank of the new rules.
