Is relief finally on the way for homeowners and real estate agents in the short sale process? May 6,

It would appear the answer to this question would be yes. A new announcement by the Federal Housing Finance Agency(FHFA) is putting into effect policies that would require banks to respond to short sale offers within 30 days. If the banks couldn't make a decison at that point, then they would have to keep the prospective buyer up to date after that on a weekly basis. The maximum time to make a decison from the date of the offer would be capped at 60 days. This is obviously great news for buyers and agents alike who have dealt with the long wait periods. No more buyers walking away from offers after tirelessly waiting for a response from the bank and getting none. No more agents hanging in there submitting and resubmitting forms to the bank, only to have 6,8, 10 months of work and waiting go to waste when they find the offer is not accepted. In addition to these new policies from FHFA, Freddie Mac and Fannie Mae also have plans by the end of the year to announce more changes to address issues such as borrower eligibility and documentation simplification. All-in-all these policies and changes should result in a more streamlined process for both buyers and agents alike. For more information check out the link below.

http://www.car.org/newsstand/newsreleases/2012releases/fhfastreamline

  • May 06 2012 - South Lake Tahoe
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Answers (1)

Absolutely. That  really started in early 2010, when banks finally realized they make more money off a short sale than a bank owned REO.

We've had much success w short sales since then. We always use a 3rd party negotiator, which we pay for out of our own pocket. We've found getting help from someone who deals with the banks everyday greatly helps both speed and success with both our buyers and short sale sellers.

We haven't had a short sale fail yet.
  • May 06 2012
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