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Even Fannie Mae Is Time ConscienceFannie Mae is experimenting with a shorter short sale approval process by getting a pre-approval for the sale before an offer is present. The number of homeowners in default has led Fannie Mae to experiment with a pre-approval process for a short sale prior to getting an offfer on the property. If this test works, it will reduce the time necessary to get the short sale approved and make the concept of a short sale more attractive for the seller, Realtor, and more importantly the potential buyer. Often times, buyers have passed and not put offer in on homes that were subject to a short sale approval due in part to the longevidity of getting the offer approved. I am sure that Fannie Mae may have discovered as many Realtor have that the longevidity contributes greatly to the attempted short sale often times going into foreclosure. When this happens the lender now has the added risk of losing more money by the value being exposed to the downward trend in market value. This experiment is hoped to yield a closing process that is closer to that of a traditional conventional mortgage or FHA loan. Both products can take up to 30 to 45 days to close were as the short sale have taken as long as eight weeks. Lastly Written by Serena Brown http://www.taylorbrownrealestatetalks.com/ Article Tags: Short Sale Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOREducation is the key to my continued success in this business because not only do I educate myself to keep up with the latest trends in the market ie short sales, REO, etc, I help my clients do the same. I provide comprehensive information on properties that allow my clients sufficient information for them to know if the transaction will be profitable. I also have a network of insurance agents, contractors, mortgage broker, CPAs, lawyers, appraisers, inspectors ... all important team members for both the homeowner and investor, alike. 
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