Fannie Mae [1] announced [2] the expansion of the HomePath for Short Sales website [3]. The website serves as a communication tool to help real estate professionals complete short sales and resolve challenges with Fannie Mae.
The new expansion of functionality allows agents to contact Fannie Mae sooner in the short sale process in order to circumvent future problems. The website is available to any real estate professional working on a short sale involving a loan owned by Fannie Mae.
"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, VP for Short Sales at 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 expanded website has a few key benefits for real estate professionals. The new site allows agents to request list price guidance before listing a property, as well as viewing the status of submitted cases to Fannie Mae. Additionally, professionals can negotiate and receive first lien approvals on a short sales directly from Fannie Mae. The company notes the approval feature will be rolled out over the next few months through individual servicers.
HomePath for Short Sales was originally announced in February 2013.