Broker Bryant Tutas makes some excellent points about the current Fannie Mae Homepath short sale guidelines. It is a welcome relief to get approved pricing up front. Unfortunately, not such a relief if the pricing is too high for a reasonable offer. And, as long as they take a long time for approvals, offers for short sale will continue to be under market value.
As many of you already know Fannie Mae and Freddie Mac are now handling Short Sales much as they do their REO properties.
Fannie Mae now has the new Standard Short Sale. Here are the Fannie Mae Standard Short Sale Guidelines.
- Please read the guidelines for more info and visit the Fannie Mae Homepath Short Sale site.
Here are a few highlights of the Fannie Mae Standard Short Sale.
Recommended pricing. While we have been struggling with the value system by Fannie Mae it’s a good thing that we can get the recommended price PRIOR to listing the property. This gives us the opportunity to dispute the value if needed before the property is under contract. Giving the property some time on the market with periodic price reductions will help you with your Fannie Mae Short Sales. Fannie Mae wants top dollar so we have to show that we tried. Nothing better for this than days on market, showing history and agent feedback.
- From Fannie Mae: “Our list price and market value guidance maintains neighborhood property values”
Escalate Direct To Fannie Mae. This has replaced the Fannie Mae help desk that some MLSs participated in. Now all agents can escalate to Fannie Mae here.
Streamlined Documentation. If the borrower is 90+ days delinquent and has a FICO score of less than 620 then NO hardship, documentation or contribution is required by Fannie Mae.
$3,000 Short Sale Relocation Assistance. Borrowers qualify for this if they do not have to make a contribution at closing.
Deficiency Waiver. ALL borrowers completing a Short Sale will receive a Deficiency Waiver. This is huge!!
2013 is going to be a very interesting year for Short Sales. I hope you are ready.
If you need help with a Florida Short Sale I can help. If you are an agent in Florida and don’t want to handle your own Short Sales then let’s co-list the property. You sell the property and I’ll negotiate the Short Sale with your Seller. I can provide references.
I hope this helps.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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