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The new Fannie Mae policy

By
Services for Real Estate Pros with Quantum Group Commercial - Residential - Lease Seattle, WA

The new Fannie Mae policy says the following:

Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers

 Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales.

Now all agent can get back to work on helping people sell their homes and feel good about helping our clients. Next thing they need to do is make the lenders act more quickly on responding to the offers, that way we all benefit.

Comments (3)

Courtney Cooper
Cooper Jacobs - Seattle, WA
206-850-8841

Hi Sonny - I think this is a good step - I hope it will translate over to actual short sale contracts because they are more labor intensive.

Mar 03, 2009 04:38 AM
Teresa K. Nelson
Compass - Woodinville, WA
Your Trusted Real Estate Advisor

The trick is how to find out if the loan that is being sold short is Fannie Mae...Got any ideas on how to do that?

Mar 08, 2009 04:00 PM
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Nothing worse than finding out at the last minute that you are going to be paid a lot less than expected. 

Mar 23, 2009 04:58 AM