Fannie Mae “Short Sale Pre-Approval” May Soon Help
Vero Beach Home Owners Facing Foreclosure
A pilot project recently introduced by Fannie Mae will
hopefully reach Vero Beach Homes facing Foreclosure, but for
now is limited to Orlando and Phoenix. By pre-approving a
“short sale” the lender would agree to a payoff less than the
mortgage before the home is listed. This could improve the
popularity of short sales as they now have a reputation of slow
approval times and difficult negotiations.
Most lenders are in the process of streamlining the process but
are at times overwhelmed by the number of requests. Sellers
with distressed homes in Indian River County can greatly
improve their chances of avoiding foreclosure by negotiating
with their lenders ASAP.
Using an agent who is experience with the “short sale” process
and looking for a home with a bank approved listing price
simplifies the purchase. It not only helps the seller avoid
foreclosure, but also allows the buyer to get a great deal on a
home that hasn’t been neglected like a
foreclosure.
by Florida Association of Realtors - Jan
2009
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