Fannie Mae Offers Solution To Shorten the Short Sale Timeline

01 Jul Fannie Mae Offers Solution To Shorten the Short Sale Timeline

The short sale process can be frustrating for both home buyers and their real estate agents. That’s why Fannie Mae is offering an online solution to shorten the short sale timeline. Through a new website, Homepathforshortsales.com, Fannie Mae is hoping to open up the lines of communication with real estate agents early on in the process. They are requesting that agents register accepted short sales with the GSE to increase transparency and keep things moving.

Jay Ryan, VP for real estate sales, Fannie Mae, adds, “Fannie Mae recognizes the very important role real estate professionals play in the short sale process and we want to work closely with them to get short sales done.”

Real estate agents will provide Fannie Mae more information online, giving the GSE the ability to work with servicers to get short sales done. Agents will submit an offer online and provide more information about the short sale, including offer details, the property address, MLS listing information, subordinate lien information, and more.

Ryan adds, “Our objective is to help stabilize neighborhoods by completing short sales as close to fair market value as possible. We believe this new process will help ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price. At the end of the day, Fannie Mae wants to get short sales done so that we can prevent foreclosures and help neighborhoods recover.”

Fannie Mae is also using the website for another reason: to allow real estate agents to report any issues they might be having with a short sale, such as a servicer who is creating a delay or an uncooperative subordinate lien holder. Agents can escalate their issue online, giving Fannie Mae the ability to contact the involved parties to address any potential issues and help speed things along.

The short sale process can be frustrating for both home buyers and their real estate agents. That’s why Fannie Mae is offering an online solution to shorten the short sale timeline. Through a new website, Homepathforshortsales.com, Fannie Mae is hoping to open up the lines of communication with real estate agents early on in the process. They are requesting that agents register accepted short sales with the GSE to increase transparency and keep things moving.

Jay Ryan, VP for real estate sales, Fannie Mae, adds, “Fannie Mae recognizes the very important role real estate professionals play in the short sale process and we want to work closely with them to get short sales done.”

Real estate agents will provide Fannie Mae more information online, giving the GSE the ability to work with servicers to get short sales done. Agents will submit an offer online and provide more information about the short sale, including offer details, the property address, MLS listing information, subordinate lien information, and more.

Ryan adds, “Our objective is to help stabilize neighborhoods by completing short sales as close to fair market value as possible. We believe this new process will help ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price. At the end of the day, Fannie Mae wants to get short sales done so that we can prevent foreclosures and help neighborhoods recover.”

Fannie Mae is also using the website for another reason: to allow real estate agents to report any issues they might be having with a short sale, such as a servicer who is creating a delay or an uncooperative subordinate lien holder. Agents can escalate their issue online, giving Fannie Mae the ability to contact the involved parties to address any potential issues and help speed things along.