Short Sales May Get Easier

According to The Wall Street Journal Fannie Mae is testing a new program to stave off foreclosures by pre-approving “short sales” of homes, in which mortgage companies allow homeowners to sell houses for less than the value of existing loans, forgiving the difference.

Short sales can take a very long time just to find out that the bank isn’t going to accept your offer.  This could help to speed up sales and remove some of the inventory from the market. 

http://online.wsj.com/article/SB123146645355666873.html