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Short Sale News

June 6, 2012 |  Article By :   | 

There is some important short sales news to mention!  Starting June 15th, Freddie Mac and Fannie Mae will be required by the government to provide short sale buyers with a final decision on their offer within 60 days.  Also, sellers requesting a short sale must receive a response within 30 days.  Currently, short sales can take anywhere from a few weeks to a year to have a decision!  These rules will only apply to Fannie and Freddie loans but it is a step in the right direction.  Many buyers are reluctant to make an offer on a short sale because of the time it can take to have a decision reached, this may help sellers get more offers if they have a mortgage that qualifies.

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