Fannie Mae is hoping to get short sales moving more quickly by asking real estate agents to register accepted offers with it as soon as possible, in order that it can work with mortgage servicers to get such transactions finalized in a faster time frame.
As of now, Fannie Mae is asking agents to provide a number of details, including the property address, its MLS data, details of the short sale offer and any liens information. It's created a special page on its Home Path website for agents to register this information. In addition, agents have been asked to upload the sales contract, estimated net sheet or HUD-1 settlement statement, and the borrower's authorization form. Fannie Mae also said that it wants agents to contact them as soon as possible during the short sales process so that it can provide list price guidance.
Jay Ryan, Fannie Mae's vice president of real estate sales, says that the organization recognizes the important role played by agents in the short sales process, and that the aim is to foster more cooperation in order to get deals finalized as soon as possible.
"Our objective is to help stabilize neighborhoods by completing short sales as close to fair market value as is possible," said Ryan.
"We believe that this new process will help to ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price."
Aside from this assistance, Fannie Mae also provides help through its short sale escalation process. This service, which was announced earlier this year, is available to agents when dealing with uncooperative liens holders, or when subject to delays by the mortgage servicer. They can also help to mediate with valuation disputes. Fannie Mae says that it will work closely with agents and servicers to try and resolve any problems that may crop up.
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