Fannie Mae is expanding the functionality of its HomePath for Short Sales website. The HomePath site is designed to “help real estate professionals efficiently complete short sales and resolve challenges directly with Fannie Mae.” The site is open to any real estate professional working on a short sale of a Fannie-owned loan.
The site’s new functionality will allow agents to contact Fannie directly earlier in the short sale process in an effort to preempt potential challenges, which the GSE says will decrease the need to escalate concerns as the short sale process progresses.
Through the expanded HomePath Short Sale portal, listing agents can work directly with Fannie Mae to:
- Request list price guidance prior to listing a property
- View the status of submitted cases
- 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,” said 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,” McCallum added. “Our goal is to provide transparency throughout these transactions and arrive at an agreement that benefits all parties involved.”