Fannie Mae Announces New Short Sales Process
By McCoy Freeman Group // February 13, 2013
REAL ESTATE REPORT
Expanded Tool Will Help Prevent Foreclosures and Stabilize Neighborhoods
BREVARD COUNTY, FLORIDA – In an effort to resolve the many challenges with short sales, Fannie Mae recently introduced a new HomePath tool.
This new tool will be available to any real estate professional working a Fannie Mae owned short sale loan.
Basically once a case is escalated, Fannie Mae will be able to directly engage with the Realtor or servicer to address items such as valuation disputes, delays by servicers or uncooperative subordinate lien holders. Real estate agents can also use the new escalation process to receive a recommended list price from Fannie Mae prior to listing the property for sale.
“Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan, vice president for real estate sales, Fannie Mae.
“By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover. Getting short sales done benefits everyone involved and we’re committed to doing our part.”
Real estate professionals across the country have already begun using the HomePath for Short Sales escalation tool to resolve challenging short sale issues.
This is great news for Fannie Mae owned short sales. I have had a few deals where the selling agent and servicer were not dealing in a timely manner. I have also had valuations come in completely incorrect. Now Realtors will be able to send comps straight to Fannie Mae and deal with them directly. Being able to escalate these items in a timely manner will speed up the sometimes long short sale process and more importantly keep homeowners out of a foreclosure.
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $150 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.