With so many homeowners facing the possibility of foreclosure, working towards a short sale often looks like the answer. Many buyers, however, bypass short sales because of the time it takes to get a response from the lender on their offer. The Federal Government might have the answer by setting new guidelines. Fort Lauderdale’s Sun Sentinel stated that the new guidelines will give the lenders a 10 business day time frame to respond. Borrowers will be freed of the debt and could be eligible for $1500 moving allowances. Lenders will be given financial incentives as well. Loans guaranteed by Freddie Mac and Fannie Mae will have their own set of guidelines.
Perhaps these new guidelines will help the short sale process move along at a better pace which in turn will make these properties more appealing to buyers.