Fannie Mae makes short sales easier for agents
New functionality will allow agents to contact Fannie Mae earlier in order to deal with potential challenges, which should lessen the need to escalate concerns further down the road. The new early-contact tool works for any real estate professional working on a Fannie Mae-owned short sale loan.
Fannie Mae says the upgrade will allow agents to:
- Request list price guidance prior to listing a property
- View the status of submitted cases
- Negotiate and receive first lien approval on a short sale directly from Fannie Mae (rolled out over the next few months through individual servicers)
“Allowing real estate professionals to negotiate an offer directly with Fannie Mae is the next step in streamlining the short sale process,” says Tim McCallum, Fannie Mae’s vice president for short sales. “Our goal is to provide transparency throughout these transactions and arrive at an agreement that benefits all parties involved.”
For more information, visit Fannie Mae’s HomePath website. Agents may also call the Fannie Mae Resource Center at (800) 732-6643).
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