There has been a lot of conversation in the short sale world these past few weeks with respect to the rise of the short sale and the decline of the properties sold at foreclosure auction. In fact, my friend Gregg told me recently that he went to an auction where there were supposed to be around 200 properties. As it turned out, there were only 10 up for auction. With respect to the remaining properties, the foreclosures were stayed or postponed by the lender.
Most recently, the FHFA made a big announcement that come November, Fannie Mae and Freddie Mac will have a streamlined and more flexible system for processing short sale transactions. And, according to the announcement, we will see short sale approvals in 60 days or less.
Check out this video made by Frank Garay and Brian Stevens (of Think Big Work Small) about short sales as a possible industry salvation.