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Changes to Fannie Mae Guidelines for Short Sales and HomePath REOs

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

fannie mae changes short salesA reader of my homebuying website on About.com wrote to me this morning to ask about Fannie Mae HAFA short sales. He wondered if they had expired, and sure enough, they have. There is a little exception that if you started a Fannie Mae HAFA short sale prior to December 31, you have until September of this year to close it, which is probably not enough time to get a Fannie Mae HAFA short sale closed, if you want to know the absolute truth.

I say it is a blessing that Fannie Mae HAFA short sales are over. I think we should shoot off fireworks and celebrate. But there are other changes underfoot at Fannie Mae. Yup, no grass grows under the feet of Fannie Mae.

Read more on my personal blog today about Changes at Fannie Mae Affect Short Sales and REOs.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments (5)

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Things keep changing with the government programs, no question, and I am surprised even the consumer knew about the expiration dates. There is a lot of information out there and to go to an expert such as yourself is always the best bet Elizabeth.

Jan 24, 2013 02:36 AM
David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Hi Elizabeth - I am not sure I will ever show or offer on a Homepath property again! Their website which we are forced to use is not kept up to date which I learned the hard way this week. I showed a home and wrote and submitted an offer along with all their extra paperwork required only to find that the home that showed available had an accepted offer. Their online website and listing status is 24 hours out of date! Sharing my comment as I hope they get it right eventually. Thanks Dave

Jan 24, 2013 02:44 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

That HomePath Financing always sounded like a bad idea to me.  Never actually got a buyer to apply for it and learn there was no appraisal.  BAD idea.  I wonder if you did want to have an appraisal contingency, independent of the HPF, if Fannie Mae would even accept the offer.

Jan 24, 2013 05:21 AM
James Dray
Fathom Realty - Bentonville, AR

Morning Elizabeth so what's the rumor at Fannie Mae?  I won't know it until it slaps me down and I don't like surprises.

Jan 24, 2013 07:26 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Hi Gary: Actually, it was an agent in southern Cal who emailed and not a consumer. Smart of you to pick up on that, though.

Hi David: I know a lot of agents who share your sentiment. It's like Fannie Mae and agents live in two different worlds. Oh, wait . . .

Hi Chris Ann: I have heard from other agents say that in some instances, when Fannie Mae has initially accepted an FHA offer but the appraisal came in less, instead of backing down and saying OK, like most rational lenders would do, Fannie Mae has said no, it will prefer to go back on the market and find a buyer who will choose HomePath financing and overpay for the home.

Hi James: When I know it, you know it. I don't keep secrets about Fannie Mae.

Jan 25, 2013 12:38 AM