Starting June 15, 2012, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days!
Also, they must respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.
Short Sales are everywhere these days - HAFA Short Sales, Approved Short Sales, and traditional Short Sales. In fact, Standard Sales are very rare to find with many homes going through the short sale process.
With this new Short Sale action will benefit the housing market and remove the risk for the buyer - many of whom previously had to wait months for a decision and then ended up not getting the house they wanted.
Will you look at a short sale differently now when you shop for homes?
To read more of the LATimes Article click here.
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