Fannie Mae & Freddie Mac Short SalesPosted by Cat Nguyen on Apr 20, 2012 | Comments Off
Dallas Buyers and Sellers are excited to know that the Fannie Mae and Freddie Mac will implement a short sale time line.
Starting June 15, Dallas real estate agents working with distress homeowners whose loan is backed up by these two companies should expect to receive a quicker response on offers made on these properties. Decisions are expected to be made between 30 to 60 days.
You may ask how is this different from what we have seen in the past. Previous short sale timelines could have taken up to 3 months before we could determine if it was an acceptable price to the bank. Yes, there’s a process that the lender goes through to determine the price they will sale the home for. With the new guidelines we anticipate for this to help many homeowners short sale their home and move forward with their life.
The new guidelines fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosureShould I buy a Dallas Short Sale?. Read more ... » sales. There has been many instances when the seller has been foreclosed on because the bank could not respond quick enough to the offer. This is what many sellers have been needing to help increase the probability of completing a short sale. If the homeowner cannot qualify for a loan modification then the seller can complete a short sale instead of getting foreclosed on. This is a better option then a deed-in-lieu of foreclosure. This is when you deed the home back to the bank. A short sale in a way is settling your loan with the bank instead of getting foreclosed on. Depending on your credit it may be possible to buy another home as soon as 2 years.
Realtors applaud Fannie Mae and Freddie Mac for improving the short sale process and making it possible for homeowners to increase the chance of them completing a short sale. Short sales will be a big percentage of the real estate market this year.
Feel free to contact us for any questions or concerns when you are in a distress situation. We are here to educate you on what your options are so you can determine which options works best for you and your family. Please contact us at 214-469-9990 for assistance. I hope you have found this article helpful and we look forward in assisting you with any of your real estate needs!