According to a recent press release by the Florida Association of Realtors, Orlando and Phoenix have been selected to be part of a pilot project launched by Fannie Mae in hopes of reducing foreclosures by pre-approving short-sales.
As many homeowners and their Real Estate agents have discovered, in the past, it could take three months or longer to get approval for a short-sale. In that time period, prices continued to decline and Buyers often got frustrated and walked away from the sale...only to leave the Seller facing foreclosure action after months on the market and countless hours of time dedicated by them and their listing agent...
This new pilot, which focuses on homes that have a Fannie Mae backed mortgage that is serviced by Countrywide Financial Corporation is intended to shorten the time period needed for a response from the bank once an offer is received since the proposed "short" is noted at the time of the listing.
Although the details of exactly how the program will work and if Countrywide has the staff in place to manage the expected surge of calls they will receive is not known, it is expected that once the program is underway and it's success is determined, that other banks may follow suit.
In my opinion, this is a much needed program in the Orlando market and I look forward to being a part of the solution!
If you or someone you know has a mortgage with Countrywide and needs to sell their home, but has been unable to do to the current market conditions, I'd welcome the opportunity to speak with them.
Serving Orange, Seminole and Volusia County, including Orlando, Winter Garden, Windermere, Lake Mary, Longwood, Altamonte Springs, Sanford, Winter Springs, Oviedo, DeBary & Winter Park.
LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com
The Only Florida Native You'll Need!
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