The new expansion of functionality allows agents to contact Fannie Mae
sooner in the short sale process in order to circumvent future
problems. The website is available to any real estate professional
working on a short sale involving a loan owned by Fannie Mae.
"This is an important step in continuing to build a strong
relationship with the real estate community, which will ultimately
contribute to the stabilization of neighborhoods," said Tim McCallum,
VP for Short Sales at Fannie Mae. "Allowing real estate professionals
to negotiate an offer directly with Fannie Mae is the next step in
streamlining the short sale process. Our goal is to provide
transparency throughout these transactions and arrive at an agreement
that benefits all parties involved."
The expanded website has a few key benefits for real estate
professionals. The new site allows agents to request list price
guidance before listing a property, as well as viewing the status of
submitted cases to Fannie Mae. Additionally, professionals can
negotiate and receive first lien approvals on a short sales directly
from Fannie Mae. The company notes the approval feature will be rolled
out over the next few months through individual servicers.
Many clients buying or selling short sales are discouraged due to the
lengthy short sale process. This new process may encourage buyers to
buy a short sale due to the shorter wait period to receive a response
from the investor. Currently, agents do a market analysis to determine
a fair offer for the property, only to sometimes have the mortgagor
come back with a much higher price requirement, often causing the
buyer to walk. With this new process, all parties will be aware of the
price required to purchase and sell the property, eliminating buyers
who are unable or unwilling to come up to a much higher price than the
contract price or frustrated sellers.
The Law Office of Beth Mann has experienced full-time staff dedicated
to negotiating short sales. Hire our office and we can close your
clients’ short sales quickly! Many short sales can take over six
months to close. Recently, we closed multiple short sales in just six
There are still some good deals out there for short sales and the time frame has been getting much better for many of the banks, so if you are thinking of buying don't be afraid to check them out. If you have any questions feel free to contact me.
Posted by Dianne Yelm
Century 21 Affiliated
June 23, 2014