We have all heard the term “short sales” yet oddly enough there’s typically nothing short about them, at least as far as time is concerned. That may soon be changing. Fannie Mae and Freddie Mac, the nations two largest mortgage backers will implement some changes come June 15th 2012. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer vs the typical 90 – 120 days they take now. If the lender needs more than the 30 days, the lender must give borrowers weekly status updates and a decision within 60 days of the initial request for a short sale.
In the month of March there were over 4,000 short sale listings in the Twin Cities area and on average they can take months so this is great news for sellers as well as home buyers. Many Realtors and buyers are currently hesitant to make offers on short sale properties simply due to the time commitment they come with so the new rule change is sure to have a positive impact.
Short sales are a much more complex transaction than a traditional sale so if you’re looking to buy a short sale property or need to sell a home using a short sale in the Minneapolis and western suburb area call on an expert, call The Derrick Monroe Group, we specialize in listing short sales and can help guide you through the process. Our short sale agents can be reached at 612-282-SOLD (7653) anytime. Contact us now to help with your short sale.
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