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 kidding....it 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!