The short sale process just got easier, as the Federal Housing Finance Agency has issued new, more transparent guidelines for Fannie Mae and Freddie Mac. Effective November 1, 2012, these new guidelines will unify the two different short sale processes into one standard program.
There are numerous highlights to this announcement, including a streamlined approach to short sales, less rigorous approval processes for individuals suffering hardships (divorce, death, forced relocation, disaster, disability and so forth), and an incentive offer of up to $6,000 to second lien holders on short sale properties.
Overall, these changes are great news for people who need to short sale their home or want to buy a distressed property with ease. It will make the process simpler, and will help our real estate market continue to recover. This is the break that many distressed property owners have been waiting for!
We've uploaded the full memo regarding the new guidelines, for your reference.
If you're interested in either selling or buying a short sale property, let us know! We've earned the designations of Certified Distressed Property Expert (CDPE®) and Short Sales & Foreclosure Resource (SFR®), with ample experience and training in short sale properties.