Check out the rules of engagement. See what Fannie Mae is offering as opposed to what we are giving up.
I attended classes in Snohomish County Washington and Couer D' alene Idaho where we we told by the appraiser institutions/associations this would abolish the need for appraisers as our private data bases would be compromised even though Fannie Mae wouldn't go to the house. Fannie Mae would have the complete data base. Once down loaded it cannot be pulled back.
We didn't have any appraisers present at the directors meeting at Spokane Association MLS sitting on the board when it was almost approved on the same day it was suggested. I got it stopped for review and the appraisers were notified and the process was put to a STOP!
Fannie Mae does not incorporate into all short sales, the access to the data base is a REALLY bad idea. They should not access all listings sold, active or otherwise. Protect jobs!
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Gail, thanks for the response. Do you work for Fannie Mae?
I think that having a help desk is a great idea but that help desk does not need to be within MLS. Giving MLS access to Fannie Mae is not going to help. I can get data from Los Angeles California but since I am from Florida, I can not assess that market effectively, even if I have MLS access. Real Estate is hyper local and Fannie Mae thinking that their people will be able to effectively assess a market from just MLS data is nonsense. See my response below in bold letter
Gail Mitkoff said:
Dear Teresa, Jeff and others,
Thank you for your interest in Fannie Mae's Short Sale Assistance Desk. In response to your feedback, I wanted to address a few of your questions:
1. How does the Assistance Desk work?
The assistance desk leverages the relationship between the participating MLSs and their members to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website. Complementing this streamlined service, the participating MLS provides Fannie Mae with data to help improve valuations and make quicker decision regarding short sale requests.
2. How will Fannie Mae use the MLS data?
As you know, short sales can be a challenge. It is difficut to close these sales in a timely manner, causing buyers to walk away and, in turn, discouraging more and more real estate professionals from taking on short sales. Part of the reason short sales take so long is that distressed properties are hard to valuate in this rapidly changing market. The public data that we rely on is often too old to give us a current view of the property's worth. Stale valuations can result in mispriced transactions and missed opportunities for sales.
We believe that MLS data can help solve this problem. Fannie Mae uses a combination of computer models and expert review at the property level to value properties. With your MLS data, our tools and our people can deliver more accurate (and more reliable) property values. This will allow Fannie Mae to make better and quicker decisions regarding short sale requests.
Your MLS data would be for internal Fannie Mae business only. Fannie Mae will not resell your specific MLS data or repurpose it for use by external third parties.
3. How can your MLS implement the Assistance Desk?
When you develop a data sharing partnership with Fannie Mae, we will provide you with a Short Sale Assistance Desk kit, which includes everything you need to plan and implement your questionnaire and data submission process. The kit includes marketing materials, IT requirements, and the required legal documents. The kit provides maximum flexibility for MLSs that want to build and customize their own websites or leverage an existing template offered by one of our MLS partners.
4. Are there any fees involved with the development of the Assistance Desk?
Fannie Mae does not charge a fee for the Assistance Desk. However, the MLS is responsible for the development, launch and management of the internal escalation process. Depending on the approach selected by the MLS, this may include some expense related to the development and/or hosting of relevant web pages.
For additional information, I am forwarding a few weblinks that you may find helpful.
Fannie Mae Short Sale Assistance Desk FAQs:
https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqsmls.pdf
Fannie Mae Broadcast - CDPELive - Short Sale and Foreclosure Education
Marcel Bryar, Vice President of Fannie Mae, speaks with us about how Fannie Mae's New Short Sale Assistance Desk gives agents a valuable resource to resolve ...
http://www.cdpelive.com/110623-fannie-mae/?page=nonme"">www.cdpe...
I stopped in on our techy guy at the MLS. Mike said that Fannie Mae was requiring access to our MLS to help with short sales.
Mike also said there was something techincal to hook- up with Fannie Mae. He said there is another MLS in Nevada that had to develope software to effectively work with Fannie Mae. The software license was $1000 but was not a requirement of Fannie Mae's but ours wouldn't work well without the software. I can try to get more input on that.
He said "There is the requirement of access to our MLS to help us on short sales."
Gail, very interesting, thanks for offering to help. Could it be that it would cost $1000 to get it set up or that a 3rd party is offering this? I am not sure if our MLS is working on this but will find out.
Gail, while you are at it, can you ask Fannie EXACTLY what their intentions are with accessing MLS other than assitance desk? Thanks
Teresa,
Fannie Mae does not charge a fee for the Short Sale Assistance Desk. If someone at Fannie Mae asked you to pay $1000, please send me their name. I will contact him/her to discuss any possible mis-communication.
Teresa Simon said:
Actually this has been the most productive conversation I have seen since I attended the appraisal classes. The local association was jumping on board to the Fannie Mae Help Desk until I started calling the local appraisers and getting a stop put on it. That was effective.
It would be helpful if the appraisers would sit on the boards and protect their/our interest. They seem to work independent of each other to the point it is an issue. In appraisal school the joke was - "If you want to do appraisals - How do you get an appraiser to take you on as an apprentice? Marry an appraiser :B
Harry, that is very well put as usual. My concerns do not come from Fannie having access to MLS, MLS is available really to anyone who wants to pay for it. My concern is that just having access to MLS is not going to help in any way, shape or form UNLESS Fannie has someone local look at the property locally to assess repairs, condition, neighborhood etc. It is probably only a matter of time before they start their own brokerages in each state and hire employees to sell these properties and when they do they will have MLS access. If they want it, they need to pay for it!
oh good grief, let's not discuss FDR and what he did to this country.
my position remains: FannieMae does not, should not, be allowed access to our MLS database.
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