Fannie Mae Actually Helping With Short Sales?
March 26, 2009, Writen by: Chris Anderson, Ph.D
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You are kidding me right? A quasi-government institution actually doing something that makes sense and helping homeowners.
Realcomp II Ltd., Michigan’s largest Multiple Listing Service provider to real estate professionals, Thurdsay announced a partnership with Fannie Mae to create a pilot program for homeowners in fear of foreclosure or staring down the barrel of a short sale.
The program will help streamline the short sale process, making it easier for homeowners who are under water in their mortgages to sell, thus reducing foreclosures by allowing these homes to be sold rather than seized by a financial institution.
My personal experience is that the banks and related institutions are their own worst enemy in this foreclosure crisis. As an example, we had a 1.4 Million dollar, cash offer on the table to buy a complex in SW Florida. Even though the price was competitive, the bank never even bothered to provide any sort of reply to our WRITTEN offer.
Hopefully things are starting to change for the better.
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2 Responses to “Fannie Mae Actually Helping With Short Sales?”
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Short sales seem to be a win-win for both banks and distressed homeowners, so ALL lending institutions should be welcoming them with open arms.
I’m glad to see Fannie Mae is headed in the right direction, if only in a small geographic area.
Once the details are known, I urge all Michigan Realtors - and investors - to use it in their marketing. The general public tends to get confused , especially over anything coming from the government. So explaining the benefits to the homeowners who need this could mean a lot more listings/purchases.