Coral Springs short sales and others are still taking a very long time to get approved.Fannie Mae has recently announced new rules that will help homeowners who are late on mortgage payments. This will help them avoid foreclosure and supposedly speed up short sale process. They will first need to try for a modification and if sellers don't qualify then they can apply for short sale.
Banks intend to contact homeowners within 120 days from first missed payment. Instead of waiting and the homeowner being supprised. Which not really sure why they would be since they aren't making payments. But lets hope this speeds up short sale process for all parties sake. There are a lot of short sales in Coral Springs and all of Broward County and they seem to be taking forever to get resolved. Let's hope the banks are getting this process a little in control. I have seen in the Coral Springs area that some banks are actually coming in with higher prices then originally priced. It seems the banks are trying to drive prices up a little. Good for homeowner not so good for buyer.
Who's to say what is going on with these short sales in coral springs and all of Broward County. We, as realtors, just need to make sure our paperwork is in order and to be on top of these banks. Buyers and sellers or willing to wait these days for an answer.
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