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NEW Fannie Mae Guidelines On Short Sales….(HUGE Change)

by Tim Harris on June 27, 2008

WOW!

Well, we knew it would happen and it finally has.

New guidelines about short sales that now makes doing a short sale VASTLY better

for the homeowner vs a foreclosure.

Bottom line: If the homeowner sells the home via a shortsale they can’t get a FHA backed mortgage for 2 years.

VS.

Foreclosure: The home owner can’t secure a FHA backed mortgage for 5 years.

Here is the link to the story:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

Realtor coaching, real estate coaching, coaching for real estate agents, Realtor coaching classes, Tim and Julie Harris, Harris Real Estate University, Harris Realtor Coaching, Tim and Julie Realtor coaching.

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{ 2 comments… read them below or add one }

1

Donna Hickman 06.29.08 at 9:37 am

Thanks for this valuable info.

2

Kevin Cooter 09.30.08 at 5:06 am

Thank you for another reason that will encourage owners to short sale their property instead of just “letting it go”. Good information.

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