Fannie Mae reports that it is adding new functionality to its HomePath for Short Sales website that will help real estate professionals more efficiently complete short sales and resolve challenges.
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 government-sponsored enterprise says in a release.
With the added functionality, listing agents can work directly with Fannie Mae to request list price guidance prior to listing a property, view the status of submitted cases and 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,’ says 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.’