Portland Short Sale Timeline – Important News
Beginning June 15th of this year, all Portland short sales backed by Fannie Mae and Freddie Mac should expect to receive a bank response to any offers that come in within 30-60 days. A big push is happening at the government level to make short sales work.
The FHFA, Federal Housing Finance Agency, has said that short sales are an effective alternative to foreclosures and short sales help to maintain stable communities.
This push to increase the speed of short sales in Portland and across the nation will address the number one complaint of buyers in the Portland real estate market, it takes too long. The average time to close a Portland short sale transaction at the time of this article is three months, the average time is about five. This push will drastically decrease the amount of time it takes to short sale a home in Portland and should result in more sales and ultimately fewer distressed properties in the real estate market.
I’m excited about this directive and what it will do for my current and future Portland short sale clients.
If you are underwater in your home, give me a call today!
Stephen FitzMaurice, Portland Realtor
Certified Short Sale Agent, CSSA.