New Rules Improve Short Sales as Short Sale Popularity Rises

By
Real Estate Agent with Allison James Estates & Homes, Sarasota 941-957-3737

Sarasota, FL – Short sales are growing in popularity in Sarasota County, according to recent reports

In short sales, lenders agree to accept less than what is owed on a mortgage from a homeowner, and this can be a huge relief to many Sarasota County homeowners whose mortgage debt is higher than the home value. Since 2007, Florida home values have dropped an average of 40-50%, leaving many Florida homeowners with financial hardship.

Many homeowners are learning about the benefits of short sales over foreclosure, and this year, in particular, is a good year to short sale your property, since the Mortgage Debt Forgiveness Relief Act (which provides favorable IRS tax treatment to forgiven debt) is set to expire in December.

New Rules Impact Sarasota Short Sales

With the rising popularity of short sales, new rules have been put in place to expedite and streamline short sales. As of June 15, 2012, the Federal Housing Finance Agency is requiring Fannie Mae and Freddie Mac to respond to initial requests for short sales within 30 days of receiving a buyer’s submission and to give final decisions within 60 days. Not only will this help buyers and sellers of short sales, it will also help the real estate market as a whole.

If you or someone you know is suffering financial hardship and might benefit from a short sale, please contact us. At the Troy Funk Team, we have helped many homeowners find relief and recovery via a short sale in Sarasota County, Florida.

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For more information on Short Sales in Sarasota and Foreclosures in Sarasota, please CONTACT USWe have over 25 years experience in real estate, and have been highly successful in negotiating short sales in Sarasota County & Manatee County, Florida.

Troy Funk, CDPE, SFR
Sarasota Certified Distressed Property Expert
Sarasota Short Sales & Foreclosures Resource
Florida Licensed Real Estate Agent

Allison James Estates & Homes
665 S. Orange Ave. #2
Sarasota, FL 34236
(941) 365-8769
Troy@FunkFL.com

SarasotaShortSaleNEWS.com

WATCH this Sarasota Short Sale Testimonial Video

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Short Sales Pre Foreclosures Bankruptcy and More!
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Tags:
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freddie mac
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