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Fannie Mae will help speed short sale if given info

Under a new program, Fannie Mae will help expedite short sale problems and work with the lender if a Realtor gives them a copy o

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WASHINGTON – June 6, 2013 – Fannie Mae has introduced a new tool to help real estate professionals close short sales.

If a real estate listing agent registers an accepted short sale offer through Fannie Mae’s website, Fannie Mae says it will be proactive and work with the lender to complete the sale.

“Our objective is to help stabilize neighborhoods by completing short sales as close to fair market value as possible,” says Jay Ryan, vice president for real estate sales at Fannie Mae. “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.”

To help Fannie Mae move the short sale process along, it asks agents to submit short sale offer information, such as the property address, MLS listing information, offer details, subordinate lien information, the sales contract, estimated net sheet or HUD-1 settlement statement and borrower authorization form through Fannie Mae’s Homepathforshortsales.com website.

Fannie Mae also suggests that agents contact them early in the short sale process to request list price guidance or help with marketing efforts.

Agents who encounter a problem such as valuation disputes, delays by servicers or uncooperative subordinate lien holders may also use the short sale escalation process on the website to request assistance. If a case is escalated, Fannie Mae will work directly with the agent or servicer to address the challenge.
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