A Faster Short Sale Process
With rules that will be taking effect very soon, realtors and federal regulators have hope of greatly streamlining the Short Sale process. FHA (Federal Housing Finance Agency) started on June 15, which regulates Fannie Mae and Freddie Mac, will require both agencies to give Short Sale buyers a final decision within 60 days.
Fannie and Freddie must also respond to initial requests for a Short Sale within 30 days of receiving the buyer's submission. Short Sales are huge right now and faster Short Sales as a result of the new directive will benefit the entire housing market.
With this new program, it could remove some risks for buyers-many of whom previously had to wait months for a decision and then ended up not getting the house they wanted. One major downside to a Short Sale has been the length of time it takes to process Short Sale transaction.
Short Sales today are being completed faster than they were a couple of years ago. Speeding up the Short Sale process could be especially worth it to buyers, sellers and everyone involved. If you would like more information on Short Sales or Standard Sale log on to www.ierealestatesales.com or call (909) 944-4731.
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