With short sales accounting for 20% of the market buyers and sellers already know they are anything but a short process. Short sales often take 3-6 months just to get an answer on an offer. With good news about shorter timelines coming to short sales is our real estate expert Nick Krautter with Keller Williams Real Estate and Sellpdx.com
Q. What’s the good news about shorter waits on short sales?
A. Fannie and Freddie which own or insure half the mortgages in the USA are requiring that responses be made to short sale offers within 30-60 days.
Q. That still sounds like a long time, is that really better?
A. MUCH better. In most cases short sales take 3-6 months and in many cases longer just to get a yes or no on an offer.
Q. How many short sales did Fannie and Freddie approve last year
A. In 2011 they did 125,000 short sales.
These new rules take effect June 15, 2012