As part of their ongoing effort to create a more efficient system for Fannie Mae short sales a recently implemented system was introduced in June of this year. Yes, it is true; an improved short facilitation program is awaiting your next Fannie Mae short sale. Both homeowners and real estate professionals alike will find great value in the going forward changes!
It is well known that short sales are not the answer for every distressed homeowner. Equally true is the fact that these complex transactions take patience, perseverance and attention to detail! Once a homeowner determines that the short sale path is right option for them selecting a qualified and experienced real estate professional is the next step.
Staying up to speed with industry development is an integral component of success for that reason today’s post will provide you with an overview of the changes.
Start with a visit to this website: HomePathforShortSales.com. This site is designed for listing agents who have been selected to represent homeowners who have determined that they wish to pursue a short sale IF Fannie Mae is the investor on their mortgage. When you click on the link titled “Listing Agent Representing a Homeowner in a Fannie Mae Short Sale,” you will note an option to “Register an Offer.” I strongly urge you to do just that! In this way Fannie Mae will be able to begin working proactively with the servicer; thereby improving communication as well as the decision making process.
The overall experience will be much better if the homeowner understands the eligibility requirements and the needs to aggregate financial date early in the process. There are so many moving parts in a short sale, they can seem daunting but preparation and knowledge remain essential to success! As the good Dr. Seuss so aptly put it: “The more that you read, the more things you will know. The more that you learn the more places you’ll go.”
Please see below Fannie Mae’s description of the resources now available to real estate professionals:
- Request a recommended list price from Fannie Mae before listing the property.
- Register an accepted offer with Fannie Mae immediately after submitting the offer to the servicer.
- Escalate an issue they are having with a servicer in regards to an offer they submitted or a valuation they received.
- Submit a question about a Fannie Mae policy related to short sales.
Through this comprehensive site, agents can also:
- Learn more about the key steps of doing a short sale with Fannie Mae.
- Access our loan lookup tool to determine if Fannie Mae owns the mortgage.
- Find answers to frequently asked questions on short sales and helpful resources to share with homeowners on their role and Fannie Mae’s role in the short sale process.
- Report fraud if they see it occur on a Fannie Mae short sale.
Spread the word to your colleagues and be sure to take the time to review the plethora of information housed within HomePathforShortSales.com! I think you agree that Fannie Mae has taken great strides in improving the short sale experience for real estate professionals and homeowners!
The News Release associated with this aforementioned announcement may be found by clicking on the following link: http://www.fanniemae.com/portal/about-us/media/corporate-news/2013/5976.html