Knoxville short sales are ever evolving, with rules and regulations constantly changing. Fannie Mae and Freddie Mac have recently updated their servicing requirements for short sales. These new servicing requirements for short sales apply to all Knoxville short sales, with and without offers. Both title transfers and relocation assistance are addressed in the new servicing requirement.
Here is a breakdown of the changes and how they apply to short sales.
Title Transfer Changes
The buyer of any short sale must wait at least 30 days to sell the home. The date of the home sale must be 30 days after the date of the deed.
If the buyer sells the home within 90 days , he/she is unable to sell the property for greater than 120% more than the original short sale price. To determine what price the sale must be under, multiply the original short sale price time 1.2 to see what the price must be under.
Borrowers who complete Knoxville short sale can still be eligible for relocation assistance of up to $3,000.
All sellers will be eligible for the relocation assistance unless, they meet one of the following requirements:
(1) The seller is required to give funds to lender or sign a promissory note.
(2) The seller has a Permanent Change of Station (PCS) and receives Dislocation Allowance (DLA) or other government relocation assistance.
(3) The seller is receiving alternative assistance from another source.
These new regulations only apply to loans owned by Fannie Mae and Freddie Mac. To determine if Fannie Mae owns your loan, visit their website. To determine if Freddie Mac owns your loans, visit their website.
Are you curious about your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to contact me by phone at 865-696-9002 or via email at [email protected]. My team and I are dedicated to helping homeowners explore their options to avoid foreclosure. Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page.