Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement their new short sale guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe.
Already speeding up around here. Yesterday I did an inspection for a family who said they were purchasing a short sale home and where less than a month into the process.
I am having more last minute cancels due to mortgage holdups than ever.
My afternoon inspection had to cancel at 7:00 this morning on me.