Tuesday, July 31, 2012

Expedited Short Sales! Is It Possible?


The larger banks have finally streamlined the short sale process and as of June Freddie Mac and Fannie Mae have begun expediting their short sale transactions.  Time will tell if the steps they are taking will achieve results.

Federal policies now require Fannie and Freddie servicers to review and respond to short sale requests within 30 calendar days of receiving an offer and complete borrower package.  After that they must provide weekly updates and a final decision within 60 calendar days.

It remains to be seen whether the servicers will actually make these deadlines.  There are no penalties for missing the deadlines so it’s not clear what their incentive will be.  But it is a step in the right direction.

For more information, please visit San Diego Short Sales

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