MORE SHORT SALE HELP ON THE WAY

Weir Manuel Realtors has taken a very proactive approach to helping its clients facilitate short sales. We have a Short Sale Division, specialized training for all WMR agents and a short sale team of selected agents and managers with even more in-depth training.

Even so, short sales are not easy. Anyone who has participated in a short sale negotiation and facilitation will tell you that they require tremendously more effort than a traditional transaction - and they don’t always close. When they do close, they rarely close on time. But more help could be on the way.

Fannie Mae is currently testing a new short sale concept on sellers in Phoenix and Orlando. The concept includes about 400 properties in these areas that are currently mortgaged by Countrywide. The new twist is that the lender will pre-approve acceptable short sale pricing at the time the property is listed for sale.

Under this plan, the short sale process could be shortened considerably and more foreclosures could be avoided, thus helping to stabilize housing markets. Should this test be successful, pre-approved pricing could be expanded to other markets across the country. Michigan would most likely be included.

With short sales becoming an increasing percentage of all transactions closing in our market, pre-approved pricing could be a big help. It would not only make our jobs easier, but also reduce the time between executing a purchase agreement and actually conducting a closing. This would be welcome relief to all parties involved.