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New FHFA Changes for Las Vegas Short Sale Homes

By Kathryn Bovard

Effective June 15th 2012,……….

Fannie Mae and Freddie Mac Services will be required to give homeowners a short sale decision within the 60 to 90 day timeframe. This is great news as the typical short sale in Las Vegas takes anywhere from 3 months to a year to get a decision.

Further guidelines are as follows:

*Requires Servicers to make a decision within 30 days of receiving an offer.

*If more than 30 days is required (PMI or BPO’S) the banks must provide the borrower with weekly updates and must decide within 60 days.

*If the bank decides to counteroffer, the seller and seller’s agent is expected to respond within 5 business days.

*The Bank will respond within 10 business days from receiving the sellers response to accept, reject, or counter.

With the Las Vegas Real Estate market at one of the lowest points for available inventory (Under 5,000 single family homes) that we have seen in many years, with an available inventory supply of only a few weeks, this means that short sale sellers will receive quick offers on their market priced homes! There has never been a better time than now if you are considering a short sale, and don’t forget that the One Time Tax Credit on the debt forgiveness expires on December 20, 2012.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

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