Fannie Mae’s pilot program to offer short sales to Orlando, Florida homeowners in order to prevent foreclosures is under way.

Fannie Mae has pre-approved 300 homes in Orange, Seminole, Lake, Osceola and Volusia counties for short sale.

Orlando-area real estate agents are hoping the program will cut the wait time for short-sale offers from months to weeks or days.

Marty Hunt, an Orlando-area real estate agent and president of the Mid-Florida Regional Multiple Listing Service (MLS) told The Orlando Sentinel, “Right now, short sales can take months and months until you get an answer back, and sometimes the answer is, ‘We're not interested.’ This program will cut through that.”

According to the Sentinel, the regional MLS will flag the pre-approved Fannie Mae homes so agents can market them to move quickly.

Hunt told the Sentinel the current plan won’t have a big impact on the foreclosure crisis, but could pave the way for more lenders to offer similar pre-approval programs.

The program revolves around Fannie setting an upfront price that it’s willing to accept for a property in danger of foreclosure.

Critics have said the program won’t work because the pre-determined price will hinder the ability for homeowners and potential buyers to negotiate a price.

Austin Kilgore | 01.28.09 www.dsnews.com