Saturday
October 25, 2014

Fannie Asks Agents to Help Speed Short Sales

|
-A A +A

Fannie Asks Agents to Help Speed Short Sales

Fannie Mae is asking listing real estate agents to register accepted short sale offers with the agency in order to allow the mortgage giant to work with the mortgage servicer to help expedite the process and finalize the sale more quickly. 

Agents are asked to provide the property address, MLS listing information, offer details, and any lien information on Fannie Mae’s Home Path Web site. Listing agents are also asked to upload copies of the sales contract, estimated net sheet or HUD-1 settlement statement, and borrower authorization form. The mortgage giant is also encouraging agents to contact them early in the short sale process for list price guidance.

“Fannie Mae recognizes the very important role real estate professionals play in the short sale process, and we want to work closely with them to get short sales done,” says Jay Ryan, vice president for real estate sales with Fannie Mae. “Our objective is to help stabilize neighborhoods by completing short sales as close to fair market value as possible. We believe this new process will help ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price.”

Fannie Mae also offers a short sale escalation process on its Web site for agents to use if they face any delays by servicers or uncooperative lien holders, or if they have any valuation disputes. Fannie Mae officials say they will then work directly with the agent or servicer to address any problems. 

Source: Fannie Mae

Read more

To Speed Short Sales, Work With Fannie Mae from the Start (includes a video with Jane Severn of Fannie Mae)
Fannie Mae Announces New HomePath for Short Sales Escalation Process