Legislation Seeks Transparency Around Acceptable Short Sale Prices

A recently introduced bill in the U.S. House of Representatives seeks to require Fannie Mae and Freddie Mac to disclose the minimum asking price they are willing to accept for a short sale if the first offer is rejected. The legislation – the Short Sale Transparency Act – was introduced by Rep. Susan Davis, D-Calif.

According to Davis, borrowers who are eager to sell their homes via short sales too often ‘find themselves in a guessing game as to what dollar amount will complete the sale.’

"People deserve a real chance to avoid foreclosure," Davis said in a statement posted on her website last week. "It is unfair to expect someone to complete a short sale instead of abandoning their home to foreclosure, if the banks don't meet them half way."

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