Fannie Mae and the Midwest Real Estate Data (MRED) MLS are teaming up to help distressed homeowners sell their homes via short sale more quickly.
Fannie Mae has created a short-sale assistance desk that assists Brian and Paul Knott along with the rest of our team in resolving issues on Fannie Mae short sales that may arise after a short-sale offer is made. MRED is the first in the United States to adopt the program.
During the past five years, the number of distressed homes in Elgin and surrounding areas has risen dramatically. There are now 101 bank-owned properties and 354 homes listed for short sale in the area.
As of March 31, 2011 for the previous 6 months, the average time short sales were on the market was 165 days. The average processing time to obtain approval and close on the property was 95 days.
Potential sales are often lost because buyers tired of waiting for their offers to be accepted or because banks reject the offers.
The time to close a short sale is lengthy, and that's why MRED has partnered with Fannie Mae creating this assistance desk partnership. They knew we were not getting a response in a reasonable time-frame and now, with the help from Fannie Mae, we will find out from the servicer why there has not been a response.
The short-sale assistance desk staff only will accept cases involving properties with a first lien owned by Fannie Mae, and the servicer must be in receipt of a valid offer for the property.
"This initiative complements our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure," Fannie Mae vice president Marcel Bryar said. "The assistance desk will expedite timely resolution of short sales."
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