MARKET UPDATE

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. Fannie Mae and Freddie Mac have been directed by their regulator, the Federal Housing Finance Agency, to require servicers to acknowledge receipt of short sale purchase offers within three business days, respond to the short sale request within 30 days (with possible extension), and make a decision within 60 days of purchase offer. For those of you who have either lost a sale or are currently in a short sale lasting over 6 months, this is a relief to know that there will be some form of regulation in the near future.