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Speedy Short Sales?

Really, this sounds like an oxymoron for anyone who has been dealing with short sales. However,  starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.

It seems that banks may already be trying to get the gears going faster as we’ve noticed short sale approvals for our clients already occurring around this sixty day mark. What a breath of fresh air this will be for all!