As many of you already know Fannie Mae and Freddie Mac are now handling Short Sales much as they do their REO properties.
Fannie Mae now has the new Standard Short Sale. Here are the Fannie Mae Standard Short Sale Guidelines.
- Please read the guidelines for more info and visit the Fannie Mae Homepath Short Sale site.
Here are a few highlights of the Fannie Mae Standard Short Sale.
Recommended pricing. While we have been struggling with the value system by Fannie Mae it’s a good thing that we can get the recommended price PRIOR to listing the property. This gives us the opportunity to dispute the value if needed before the property is under contract. Giving the property some time on the market with periodic price reductions will help you with your Fannie Mae Short Sales. Fannie Mae wants top dollar so we have to show that we tried. Nothing better for this than days on market, showing history and agent feedback.
- From Fannie Mae: “Our list price and market value guidance maintains neighborhood property values”
Escalate Direct To Fannie Mae. This has replaced the Fannie Mae help desk that some MLSs participated in. Now all agents can escalate to Fannie Mae here.
Streamlined Documentation. If the borrower is 90+ days delinquent and has a FICO score of less than 620 then NO hardship, documentation or contribution is required by Fannie Mae.
$3,000 Short Sale Relocation Assistance. Borrowers qualify for this if they do not have to make a contribution at closing.
Deficiency Waiver. ALL borrowers completing a Short Sale will receive a Deficiency Waiver. This is huge!!
Please read the Fannie Mae Standard Short Sale Guidelines for more info and visit the Fannie Mae Homepath Short Sale site.
2013 is going to be a very interesting year for Short Sales. I hope you are ready.
If you need help with a Florida Short Sale I can help. If you are an agent in Florida and don’t want to handle your own Short Sales then let’s co-list the property. You sell the property and I’ll negotiate the Short Sale with your Seller. I can provide references.
I hope this helps.
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WE received only a $1000 for relocation on one that we are working on right now even though seller met all criteria. If you look at their charts they say it is actually "UP TO $3000" in relocation even though in their guidelines, they say otherwise. As with all government programs, the devil is in the details....in California, $1000 will get them a motel room for a couple of weeks and then the street...