Port Orange Real Estate : Short Sale Improvement Here !!

In the last week, there have been a few changes to the Short Sale Process that will be a welcome relief to buyers and sellers. Buyers won't have to wait months for an answer on a home they want to move into now. Sellers won't have to wait as long to know that they aren't getting foreclosed on, aren't damaging their credit more, and can move on.

First BOA (Bank of America) has made a few changes to the Equator System to try and streamline their already improved system. They have made response times shorter and provided forms for Realtors so that there is less confusion.

Second, the FHFA ( Federal Housing Finance Agency ) directed Fannie Mae and Freddie Mac to streamline the process for : Short-Sales, Deeds-in-Lieu, and Deeds-for-Lease. Servicers will be required to do the following:
 review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer and a complete borrower response package;
 provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days;
 make and communicate final decisions to the borrower within 60 calendar days of receipt of the offer and complete borrower response package.

 Short Sales have become a part of Real Estate Business. The stress for Buyers, Sellers, and Realtors has been tremendous. Maybe, we are seeing the light at the end of the tunnel.

If you have Questions about Short Sales and how they can help you, Contact Us .

Source : © 2012 Florida Realtors® : Freddie Mac sets new short sale timelines, Fannie to follow