Suddenly our Short Sales business is booming! Our number of Avondale Short Sales has really picked up. I think it because sellers are becoming more familiar with the term short sale and now understand how the short sale can be beneficial. We have helped many families get out from under their mortgage debt. This area of my work is the most fulfilling. Many homeowners I meet would feel devestated if their house foreclosed. Most of the clients I meet are barely making ends meet. They are worn down and tired from all the financial stress.
This week we learned that Fannie Mae is no longer allowing auction dates to be postponed. This could have a huge impact on the number of foreclosures. With Fannie Mae short sales, we have to close before the first auction date posted on the Notice of Trustee Sale and on taxes. No longer do we get an extension because we have a contract on the house. Fannie Mae would rather foreclose than sell that house as a short sale when the auction date is looming. That does not sound like good business sense to me....but then again neither does a lot of government policy.
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