Caution, there’s a rock there.
Fannie Mae has enacted some new rules regarding short sales. The new rules dictate the length a short sale must be Active in the MLS, which states: “a minimum of five consecutive calendar days, including one weekend.” The new rules are below, but please refer to this document and Fannie Mae for questions as these are not ARMLS rules:
Multiple Listing Service Requirements for Standard Short Sale/HAFA II
Servicing Guide, Part VII, Section 604.05: Requesting Fannie Mae’s Approval; Announcement SVC-2012-19, Standard Short Sale/HAFA II and Deed-in-Lieu of Foreclosure Requirements
On or after August 1, 2013, all properties being considered for a standard short sale/HAFA II must be listed with an active status on a multiple listing service (MLS) for a minimum of five consecutive calendar days, including one weekend (i.e., Saturday and Sunday), prior to the servicer
- • submitting the standard short sale/HAFA II recommendation to Fannie Mae for review, or
- • approving the standard short sale/HAFA II.
The property must be listed on the applicable MLS which covers the geographic area in which the property is located and a printed copy of the property’s MLS listing must be kept on file. If a property is located in an area that is not covered by an MLS, the property must be advertised in a manner customary for that real estate market for at least five consecutive calendar days, including one weekend.