“A friend forwarded this to me. If accurate, it seems to be a way criminals can steal your credit card and debit card information. I don’t know how rampant this is or isn’t but it’s better to be informed and safe than not and sorry.”

Hello friends and clients,

Here’s an interesting event that will likely affect the real estate market.  On 7/29/14, and effective 8/16/14 FannieMae announced it will extend the waiting period of anyone who had a short sale from 2 years to 4 years to re-qualify for a home loan.  There seemed to be little warning or publicity but as many home owners concluded a short sale in recent years, many will have to wait 2 more years to re-purchase a home.

The immediate result of this is sure to be a slowdown of the buying and bidding frenzy common the last few years.  For buyers that is good news.  You should have more time to make a decision and maybe even be able to negotiate a little. From a seller’s point of view, it should take a little longer and you will need to be more focused on your buyer’s concerns.  If you are holding real estate expect the rapid price escalations to slow to match inflation rates.

This link http://activerain.trulia.com/blogsview/4420375/fannie-mae—increasing-the-waiting-period-to-purchase-after-a-short-sale might tell the story better or FannieMae’s site if you prefer. https://www.fanniemae.com/content/guide/selling/b3/5.3/07.html#Deed-in-Lieu.20of.20Foreclosure.2C.20Preforeclosure.20Sale.2C.20and.20Charge-Off.20of.20a.20Mortgage.20Account