Fannie Mae - Short Sale Process to Improve!

Dear Fellow Short-Salers....

Just in case you missed the webinar a few days ago, please let me share with you that Fannie Mae short sales should get much better.  

Fannie Mae apparently listened to the concerns and cries of Realtors & borrowers and instituted new guidelines designed to speed up the short sale process.  Fannie Mae believes by increasing effective communication between listing agents, servicers and Fannie Mae there will be greater transparency in the short sale process.   

This transparency will help Realtors as well as the Servicers in the short sale process.  Jay Ryan, VP of Real Estate Sales for Fannie Mae stated that Fannie Mae recognizes the very important role real estate professionals have in the short sale process and that FNMA wants to work closely with agents. 

Starting in early June (that's right now) agents should register their accepted offers with Fannie Mae at Homepathforshortsales.com.  Registering accepted offers allows Fannie Mae to proactively work with servicers to facilitate faster communications and decisions.   

According to Mr. Ryan:  “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. At the end of the day, Fannie Mae wants to get short sales done so that we can prevent foreclosures and help neighborhoods recover.” 

Also, Fannie Mae has broad delegation with most mortgage insurance companies so Realtors should not hear that their file is held up at MI.

Value disputes and issues hindering or stalling the short sale process can be escalated via the Fannie Mae website as well.  Unfortunately the topic of value disputes was mentioned only briefly.   Not much said.

The webinar is available at Realtor.org - Short Sales & Resource.   I think it may be necessary to email the slides to a few negotiators that haven't yet received the memo from Fannie Mae - we are all working to avoid foreclosures, right?