There are no "laws" anywhere that require a bank to accept a "short sale" - or even a "deed-in-lieu" As long as there is a large supply of houses on the market for sale - I suggest you find one that doesn't have any problems.
No, and really there are so many variables that every timeline the government tries to put out there to get banks to respond quicker will never work. So although the timeline have vastly improved over the past couple years you still have to be patient when making offers on Short Sales as they still take 3-6 months.
I was wondering the exact same thing. Thank you for posting this. I'm looking into purchasing a short sale as well and wanted to know the answer to this, too.
