Fannie Mae “Short Sale Pre-Approval” May Soon Help Vero Beach Home Owners Facing Foreclosure
A pilot project recently introduced by Fannie Mae will hopefully reach Vero Beach Foreclosures, but for now is limited to Orlando and Phoenix. By pre-approving a “short sale” the lender would agree to a payoff less than the mortgage before the home is listed. This could improve the popularity of short sales as they now have a reputation of slow approval times and difficult negotiations.
Most lenders are in the process of streamlining the process but are at times overwhelmed by the number of requests. Sellers with distressed homes in Indian River County can greatly improve their chances of avoiding foreclosure by negotiating with their lenders ASAP. This includes homes used for Rental Income in Vero Beach
Using an agent who is experience with the “short sale” process and looking for a home with a bank approved listing price simplifies the purchase. It not only helps the seller avoid foreclosure, but also allows the buyer to get a great deal on a home that hasn’t been neglected as is the case with many foreclosures.
