Short Sale Approval Times In Arizona and Other States Just Got Better

Chandler AZ – 4/18/2012 – In a recent announcement from Fannie Mae and Freddie Mac homeowners looking to sell their homes through the short sale process can expect to hear back from their lender between 30-60 days. The new guideline goes into effect June 15, 2012.

This is especially good news for homeowners in hard hit areas like Arizona and California (and all other states in the US) where it has been taking 4-6 months or more to get an answer on a short sale request.

The goal of the new updated guidelines for short sale approval times is to get a homeowner (and home buyers) an answer within 30 days. The change in guidelines is in direct response to real estate agent and mortgage industry professionals primary complaint about the short sale process in that it takes a long time to get an an answer on a sales contract request.

Long turn around times result in a lot of home buyer dropout as well as foreclosures. With quicker response times, we should see some improved neighborhood stabilization as well as better maintained properties which will lead to a stronger housing market overall.

To see if you qualify to buy a short sale or to sell your home in Arizona please complete the form below.