Sometimes it seems like everything is all about short sales in today’s market—as a matter of fact, about 25% of all active residential listings in the MFRMLS database are either short sales or controlled by a third-party. Finding a buyer who is ready to consider a short sale is only the beginning of anything but a short process.
We’ve heard the horror stories and your frustration. You make an offer on behalf of your buyer; the listing agent presents it to the lender. Thirteen-weeks-or-so later, the offer is rejected leaving you and your buyers disappointed and angry.
There is a better way. Have you considered shopping for short sales in the Fannie Mae Pilot Program?
Two months ago, Fannie Mae and MFRMLS partnered to launch a pilot program to allow for the pre-approval of certain short-sale listings aimed at speeding up the process of gaining approvals—and ultimately closings.
Here’s how it works. Search for “Fannie Mae Approved Pilot” within the “Realtor Info” field in MLXchange. If you make an offer at the Fannie Mae approved listed price shown in the Realtor Only Remarks, chances are that the offer will be accepted within a few short weeks—a huge improvement!
A word of caution—if you offer less than the amount, all bets are off. Fannie Mae could reject the offer, albeit a little bit quicker. Even still, it’s a great way to tighten up the timeline and get a successful closing.