New Pilot for Short Sales
December 23, 2008 by Short Sale Specialist · Leave a Comment
It’s no secret that short sales are generally much more of a headache than a regular real estate transaction. On top of having the buyer and seller agree to a given sales price, a third party bank has to give its final approval for any short sale to go through. It’s not all doom and gloom, though! ARMLS today announced that they will be piloting a new program with Fannie Mae for the next 90 days. In this program, Fannie Mae will preapprove your short sale price if they find it satisfactory. When they preapprove your short sale price, you will have significantly increased foot traffic in your home and many more reasonably priced offers. This is to the benefit of the buyer, who has less guess work, and the seller, who can relax knowing that their short sale has a good chance of getting sold!
