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Fannie Mae Pilot Short Sale project

As an agent that has successfully closed MANY short sales my curiosity was piqued when I read the article in the Realtor Magazine today about a Short Sale pilot program.

"Fannie Mae has launched pilot projects in Phoenix and Orlando intended to reduce foreclosures by pre-approving short sales, agreeing on a price and the loss it will take prior to a deal even being made."

Have any agents come across this yet? If so, has it really expedited the process? The article goes on to say they are working with Countrywide Loans on this. Considering they are amongst the slowest to approve a short sale I would hope it will speed it up considerably.

Bobbie Files
Your Bristol and Plymouth County Realtor

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Posted by Bobbie Files Realtor® Berkley, Greater Taunton Homes for Sale on 01/10/2009 06:56 AM

Comments (3)

Short Sales in the ActiveRain Channel

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3 Comments on Fannie Mae Pilot Short Sale project

JAN

I trust Fannie Mae to handle short sales about as far as I can throw Franklin Raines.

The culture at Fannie Mae is not in the interest of the home owner. I trust the bankruptcy judges more. That's where the home owner will get real relief. My fingers are crossed that the new bankruptcy legislation will pass.

The Fannie Mae scam/help will not affect negative equity.

I think I'm with Lenn on this one - Home owners need real help - not just empty statements.

I read the same article but haven't heard of any conclusions yet, I guess they're still responding to short sale offers (haha).

I am lucky that I haven't done a single short sale with CW, I know my time is coming though. GMAC has been the best to work with.

Happy sales in 2009!

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