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As the San Diego Real Estate Market continues to move along, we see more and more Short Sales hitting the market. Although we continue to have successful short sale closings, they seem to have been getting tougher and tougher and we have been jumping through more hoops through out the process.
There is good news for people that are considering Short Selling their home. Starting June 15th Fannie Mae and Freddie Mac will be required to give the buyers of a short sale a final decision within 60 days.
Another requirement is that the banks respond to initial requests for a short sale within 30 days of receiving the buyers submission. This will help us all tremendously.
It will be great for all parties involved. The buyers will be able to buy their desired home in a shorter amount of time or find out whether the bank will accept their offer or not, sooner versus later. As well, home owners will be able to make plans and move on with their life with out dragging on with the process of the unknown that has sometimes happened in the past.
Find out more in an article written in the New York times regarding this next step in the short sale process.