Fannie Aims to Curb Short Sale Woes With New Site

Following the success of anrnescalation process initiated in February, Fannie Mae is introducingrnanother website tool to help real estate professionals close shortrnsale transactions. Real estate listing agents will now be asked tornregister accepted short sale offers with Fannie Mae to providerngreater transparency and to allow the company to work with mortgagernservicers to expedite the sale. </p

Agents will provide salerninformation including property address, MLS listing details,rninformation about the offer and any subordinate liens onrnwww.Homepathforshortsales.com. Theyrnwill also be asked to upload scanned copies of the sales contract,rnthe HUD-1 settlement and borrower authorization form. Fannie Mae isrnalso encouraging agents to reach out to Fannie Mae early in the shortrnsale process to request list price guidance. </p

“FanniernMae recognizes the very important role real estate professionals playrnin the short sale process and we want to work closely with them tornget short sales done,” said Jay Ryan, vice president for realrnestate sales, Fannie Mae.  “Our objective is to help stabilizernneighborhoods by completing short sales as close to fair market valuernas possible.  We believe this new process will help ensure allrnparties are in communication early on and are able to come to anrnagreeable and appropriate sales price.  At the end of the day,rnFannie Mae wants to get short sales done so that we can preventrnforeclosures and help neighborhoods recover.” </p

Thernshort-sale escalation process was established to assist agents withrnchallenges such as valuation disputes, delays by servicers, orrnuncooperative subordinate lien holders. Agents use the process tornrequest that Fannie Mae directly engage with agent or servicer tornresolve the problem. Since February the process has resulted in thernsuccessful resolution of 10,000 cases. Agents using the new tool arernalso encouraged to use the escalation process on the same websiternwhen needed.

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