Fannie Mae has announced the expansion of the HomePath for Short Sales Web site, a communication tool created to help real estate professionals efficiently complete short sales and resolve challenges directly with Fannie Mae. The new functionality will allow agents to contact Fannie Mae sooner in the short sale process and preempt potential challenges, decreasing the need to escalate concerns further down the road. The website is open to any real estate professional working on a short sale involving a Fannie Mae-owned loan.
Through the expanded HomePath Short Sale Portal, listing agents can work directly with Fannie Mae 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 (This feature 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 of short sales for 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."