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Fannie Mae and Countrywide are beta testing...wait for it...PRE-APPROVED SHORT SALE PRICES!

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Education & Training with HD Realty BK662006

Wow, only 2 years after I first suggested it, Fannie Mae is testing a program where the do the BPO up front and TELL the agent what price they will approve!

What a concept!

Why didn't I think of that? Oh wait, I DID!

I've had a lot of questions about this from both agents and title companies, so I figured I'd share what I've found out so far:

-The Beta Test is being conducted in Orlando Florida and Phoenix Arizona ONLY

-It only involves Countrywide at this time

-You will be contacted if one of your listings has been selected for the beta (you can't ask to be in it)

-In Central Florida, they are testing it on about 300 listings

As of right now, that's about all I've been able to find out! I have 2 short sale listings right now that are both with Countrywide, but neither of mine were selected for the test. If any of your properties were selected for the test, please email me right away, I'd love to be able to share the info with everyone... it is definitely an exciting step in the right direction!

You can read the article from the Orlando Sentinel by clicking HERE.

 

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Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

I'll believe it when I see it....especially with Countrywide which has been known to say one thing and then turn around and change their mind when it comes to short sales.

Feb 03, 2009 01:40 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Hey I heard this Friday and about fell out of my chair. But I thought Wells Fargo was too.

Feb 03, 2009 01:43 PM
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

I have an offer on a Countrywide foreclosure right now...and from what I hear...it will take months for anyone to consider this full price cash offer.

Feb 03, 2009 01:46 PM
Mary Kent
Five Star Real Estate - Grand Rapids, MI
Grand Rapids to the Lake Shore

Boy-anything to make to whole process better. Thanks for the information! Best to you in 2009!

Feb 03, 2009 01:48 PM
Mike Russell
Mike Russell Real Estate Group - Overland Park, KS
Overland Park Kansas Real Estate

wow, proactive thinking. It will still probably take them 3 months to process.

Feb 03, 2009 01:51 PM
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Interesting... the problem is that we are constantly battling new market values for our Las Vegas short sales on a monthly basis... Time and time again we have to battle the loss negotiators with the old information they are using for their comps and update them with what is going on today... (Going through it right now with one particular loss negotiator that thinks that May of 2008 sales are acceptable...)

I like the idea... as long as they stay updated with current market conditions which I find highly doubtful. I think we all have at least a short sale story or two where the loss negotiator would not accept the price because they were looking at outdated information... only for it to sell for much, much less later on down the road.

 

 

Feb 03, 2009 01:53 PM
Corry Shadle
Magnolia Realty Services - Elizabethville, PA

boy would that be a nice way to do short sales

Feb 03, 2009 02:02 PM
Richard Overall
United Country Premier Properties - Harker Heights, TX
Your OVERALL Long-Term Real Estate Resource

Good to hear.  It'd be nice to see companies use the available technology to make a bad situation a little better.

Feb 03, 2009 02:04 PM
Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

You're a genius and this is a GREAT idea!  ARen't you glad they took your advice? LOL

Feb 03, 2009 02:44 PM
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Our office has 2 properties that qualify.  One of them is my listing.  ORRA claims that they can get the short sale approved in 7 days.  I have a direct contact number for someone at Countrywide that we can deal with.  Only problem is the price they approved is above was the comps are. 

Feb 04, 2009 03:55 AM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

This could work good or bad depending on what comparables they choose but at least they are trying to expedite things..

Feb 05, 2009 05:27 AM
Besim Kuduzovic
Principal Realty Group-Utah - Sandy, UT

Andy,

This could be really good for all of us & doing short sale will be piece of cake.

Feb 05, 2009 12:47 PM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

It cannot help when market drops daily in Northwest Florida.  At least they are trying something.

Feb 11, 2009 10:12 AM
Maya Thomas, Broker
Tampa, FL
Please see my client recommendations.

Very cool.  I remember you saying lenders should do that in a seminar a few years ago.

Mar 13, 2009 02:47 PM
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