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 parties involved."
The website, http://www.homepathforshortsales.com/ is open to any real estate professional working on a short sale involving a Fannie Mae-owned loan.