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SHORT SALE PROCESS GUIDELINES GO INTO EFFECT JUNE 15, 2012

by Dawn Deegan

Starting June 15, the Short-Sale Process should officially start to speed up. That is the date that Fannie Mae and Freddie Mac new guidelines go into effect:  they are required to approve (or not) a Short Sale within 60 days from receipt of an Offer.  Large banks will be required to respond to a Short Sale Offer within 30 days of receipt. 
You can read the full article here: http://www.nytimes.com/2012/05/27/realestate/mortgages-speeding-up-short-sales.html?_r=1&partner=rss&emc=rss

Here in the Greater Orlando area, Short Sales made up 29% of our overall sales last month, while 25% were REOs (Bank-Owned).  Bottom line: bank involvement in sales contribute to 54% of our Sold homes.  As banks prefer Short Sales (their costs greatly escalate to take a home into foreclosure), we can expect to see the Short Sale to REO ratio rise in the future.
I am Short Sale Foreclosure Certified, and you can contact me with any questions, and/or for a confidential discussion of your home.

All posts are written by Dawn Deegan, Broker-Associate REALTOR®. Dawn holds the designations of Accredited Buyer Representative (ABR®), Short Sale Foreclosure Resource (SFR), and she is a Graduate of the Realtor® Institute (GRI). Dawn also holds the Transnational Referral Certification (TRC), enabling her to help in real estate endeavors world-wide. Dawn is dedicated to providing only the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This includes Windermere, Orlando, Winter Park, Baldwin Park, and Davenport. Her emphasis is on superior delivery of sophisticated market data, quality and value to you, the Buyer or Seller. Contact Dawn Deegan at 407 286 5272 or at DawnDeegan@cfl.rr.com. Visit her at www.MakeABrilliantMove.com

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