You probably heard that the Federal Housing Finance Agency (FHFA) recently issued new guidelines on response times for short sales.
Why is this significant?
According to Rick Davidson, CEO of Century 21, the new guidelines “are designed to assist inventory-constrained markets…by moving properties through the short sale process more efficiently.”
Short sales typically take several months to settle often with no guarantee during that time that the buyer’s offer will even be accepted. This can make short sale properties a less attractive option for buyers and leave the owner of a distressed property in limbo for months.
The new rules will hopefully make short sales a more viable option for both sellers and buyers – and in doing so, help bolster a continuing housing recovery!