Did you know - Short Sales have Minimum Bid Dates Now?

[Thaddeus Owen]

I just received this from my Realtor and though it might be interesting to many of you.

Effective, August 1, 2013, if seller’s mortgage is FNMA or Freddie Mac conventional, property must be marketed for minimum of five days including one weekend before offer can be accepted by seller.

So, if your short sale seller has a FNMA or Freddie Mac conventional mortgage, make absolutely sure that date of purchase agreement is at least five days after list date and includes one weekend. If offer does not conform to those guidelines, short sale will be declined and likely no offer from that buyer will be considered in the future.

Read both attachments. One is explanation to agents on how to market the properties to meet these new guidelines.
The other is the FNMA directive to their servicers.