Require a sellers bank to respond in a reasonable timely manner to all offers to purchase short sale pre-foreclosure homes.
As it stands there is no time limit on how long a bank can take to respond to an offer made on a pre-forclosure short sale. In fact the bank does not have to acknowledge the offer at all. Banks that do can take as long as they wish to accept an offer or request a higher purchase price.
This practice keeps the housing market sluggish, has detrimental financial effects on those trying to avoid foreclosure, and makes the purchase of a home nearly impossible for a buyer.