NEW SHORT SALE RULES COMING SOON
A “short sale” is where the lender agrees in advance to accept less than what is owned on a mortgage. Starting in a couple of weeks the FHA (which directs Fannie and Freddie) will be required to give short-sale buyers a final decision within sixty days. This means Fannie and Freddie will respond to requests for a short sale approximately thirty days of getting the short sale request.
This is great news as I believe it will speed up short sales and bring a further boost to the entire Treasure Valley housing market. It also helps our Boise-area buyers by not “stringing them out” for months and months waiting for an answer from the bank on a submitted short sale. I have had short sale buyers over the last year wait, 6, 8, 9 months for short sale approval. It can be a painful process for both the buyer and seller.
Lenders prefer short sales because they cost much less than a traditional foreclosure and the homes are usually kept in better condition by the owners. Again, the conclusion here is we have another sign the real estate market will continue to gaining more steam through efficiencies.
If you would like to discuss selling your Idaho Home either by short sale or traditional means call me at 208-409-1708 or contact Jaime Patocka.
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