Real estate agents will soon be able
to negotiate terms of a short sale directly with Fannie Mae rather than
communicating through servicers. This is
one of the improvements the company announced today that it will be making available
on its HomePath for Short Sales website.
The site is a communication tool
created in February 2013 to help real estate professionals more efficiently
handle short sales and resolve problems directly with Fannie Mae. The company said the improvements will allow
agents to contact the company earlier in the short sale process and "preempt potential
challenges, decreasing the need to escalate concerns further down the road."
Through the expanded portal listing
agents will be able to work directly with Fannie Mae to request list price guidance
before listing a property and view the status of submitted cases. The ability to negotiate and receive approval
on a short sale directly from the company will be rolled out over the next few
months through individual servicers.
"This is an important step in
continuing to build a strong relationship with the real estate community, which
will ultimately contribute to the stabilization of neighborhoods," said
Tim McCallum, Vice President for Short Sales, Fannie Mae. "Allowing real estate
professionals to negotiate an offer directly with Fannie Mae is the next step
in streamlining the short sale process. Our goal is to provide transparency
throughout these transactions and arrive at an agreement that benefits all
The website, http://www.homepathforshortsales.com/
is open to any real estate professional working on a short
sale involving a Fannie Mae-owned loan.