Important news for Realtors who are ahead of the curve and becoming short sale experts...

Your lives are getting easier...and easier.

As we have been predicting on this blog for over a year..Fannie Mae now has pre-approved short sales. All the heavily lifting has been done, the lender has already agreed to take the loss...

If this new Fannie Mae program expands to other servicers, 2009 will be the Year Of The Shortsale.

For those of you who have yet to wake up to the brilliant opportunity that short sales are..start here by downloading our just-updated for 2009, 30 part Agent Short Sale Secrets guide book. The book is free. Instant download now.

Here is the article:

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. It is hoped the program will improve the popularity of short sales among real estate agents.

Property professionals initially had welcomed short sales but soon found the process to be a frustrating one--due to squabbling about the sale price and slow approval times by the mortgage companies--that often ended with no sale at all.

Fannie Mae's pilot will focus on homes that are listed at less than the mortgage balance and carry a Fannie Mae-backed loan serviced by Countrywide Financial Corp.
If it proves successful, the concept could be expanded to other geographical areas and additional lenders. There are concerns, in the meantime, about the program's success, with real estate agents noting that property prices could decline before the pre-approval is issued.