Fannie Mae and Freddie Mac look to speed up the short sale process starting in June. This is welcome news to those facing a short sale or foreclosure in Norwalk, Stamford, and the rest of Fairfield County.
As many people know, the short sale process can be painstakingly slow. This is because there are more than two parties that must agree on the price and terms of the sale. In a conventional sale, there is just the buyer, and seller who need to come to an agreement. In a short sale there are many parties involved in addition the the buyer and seller including servicers, lien holders, and investors.
Imagine this: You are trying to plan a gathering with your friends. If you are just going to lunch with one friend, you only have one person you need to set plans with, and that person normally answers their phone when you call. Now imagine you are planning a gathering, but this time it is with 5 friends, and 3 of them check their email and voice mail only twice a month.
This is how slow short sales can progress for some sellers and buyers. They might submit and offer to the bank, but the bank doesn’t get back to them for a week or two, and if they decline the offer and you ask why, they might not even have a good answer for you.
All in all, it is good to see articles coming out about BofA and other investors / servicers who are speeding up the short sale process. It is good for buyers, sellers, and the overall recovery of the housing market not just here in Norwalk, CT but in every town around the country.