New Fannie Mae Short Sale Procedures....AGAIN!!!!

Real Estate Agent with PalmerHouse Properties & Associates, LLC 316636

Well...another nights sleep springs forth another email from Bank of America's Agent Resource Center about one of my favorite subjects....SHORT SALES!!! More specifically, facilitating Fannie Mae short sales. It appears that we now have yet another process to store in our memory banks and add to our plethora of questions that we ask at the Seller's kitchen table.

Fannie Mae has issued another directive mandating that their short sales are processed through their Homepath for Short Sales system. One major benefit (and possibly the only benefit) that I've noticed is that they have a "Request A List Price Guidance" feature which allows the real estate agent to discuss a potential list price with Fannie Mae prior to the listing the property. The benefit? Being on the same page with the Seller's lien holder prior to listing the property will most likely eliminate the issue of the lien holder requesting tens of thousands more dollars from the Buyer after an offer has been accepted. The drawback? Of course, the recommended list price could end up being some God awful figure that even Jesus himself couldn't help.

Another important factor to consider about the new system is that for many Servicers, you will STILL need to initiate the short sale via the Equator system. This may (who am I WILL) equate to additional work on the part of the facilitating agent; however, I'm almost certain that this process was beta tested and has proven itself to be more efficient than simply submitting a contract to the Servicer and allowing the Servicer to communicate with Fannie Mae (dripping with sarcasm).

Oh well....I guess we'll just have to wait and see what happens next!

Posted by


Paving YOUR way to the American dream....brick by brick!!







This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate General Information
Georgia Coweta County
Short Sales Specialists
Short Sales Pre Foreclosures Bankruptcy and More!
Atlanta Homes For Sale
South Metro Agents
better homes and gardens real estate
vanessa calhoun
newnan short sales
coweta short sales
newnan short sale agents
coweta short sale agents
newnan short sale specialist
newnan short sale realtor
coweta short sale specialist
coweta short sale realtor

Spam prevention
Show All Comments
Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Good Grief!!!

Do they really want these homes to sell???

When processes become too complicated, activity will be reduced.  When activity is reduced, prices come down.

Nov 24, 2014 11:50 PM #1
Vanessa Calhoun
PalmerHouse Properties & Associates, LLC - Atlanta, GA
Your Greater Atlanta Marketing Guru!!

Exactly Lenn!!! They will then become stigmatized like Bank of America short sales used to be years know, when no one would touch them with a ten foot pole! Lol!

Nov 24, 2014 11:54 PM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Vanessa Calhoun

Your Greater Atlanta Marketing Guru!!
Ask me a question