Once a real estate agent gets a short sale offer on a Fannie Mae REO property, the GSE wants to see a copy right away to help expedite processing.
Real estate agents generally send any offers to the servicer. But now Fannie also wants the agent to register offers on its
“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,” said Fannie vice president Jay Ryan.
Earlier this year, Fannie invited Realtors to ask for assistance if a servicer or second-lien holder is delaying or holding up a short sale.
Once a request is made, Fannie staff will “escalate” the case and directly engage with the agent or servicer to complete the short sale.
“Since the escalation tool was announced in February 2013, over 10,000 short sales have been submitted and successfully closed,” Fannie said.
