Fannie Mae will determine the amount that they will be willing to accept prior to the buyer presenting the offer to enable a quicker response of days and not weeks or many months. The pilot program is an attempt by Fannie Mae to get both buyers and real estate agents excited about making an offer and staying with the offer so that preforeclosures are cleared out and the homes do not become bank owned or REO. Many real estate agents are unfortunately avoiding short sales due to the long wait time.

Fannie Mae’s pilot program will focus on homes listed below what the balance is found to be, is a Fannie Mae backed loan and is mortgage serviced by Countrywide.

The pilot program may get expanded to other areas in the United States if it does well and they may open up the program to other lenders.