Smoother Short Sales

Short sales--not the most desirable path for most homeowners. However, there are, unfortunately, times when taking as foul tasting medicine is the best course. Short sales can be this medicine; sometimes short sales are at least a way of minimizing the personal damage to an owner's psyche and credit record. However, one of the biggest problems in trying to get a short sale completed is the hurdles that a lender always seems to place in front of the Seller. It's always, "You don't have all of the correct documents", or "this document is not filled out properly", or "we (the lender) don't agree with the valuation of your hoe", and on and on and on, ad nauseam. Well, at least in the case of Fannie Mae short sales, someone is attempting to do something to lessen the aggravation. Fannie has just announced a plan to streamline short sales that it is involved with. First announced this past February, it has been used successfully many thousands of short sales. When there is an accepted short sale offer, Fannie has the Realtors register the sale with them on www.Homepathforshortsales.com . Once registered, with the agent putting all relevant information, such as property address, MLS listing information, offer details, and subordinate lien information on this site. In addition, other supporting documents and information will be required such as scanned copies of the sales contract, estimated net sheet or HUD-1 settlement statement, and borrower authorization form. The site even has capability to smooth things out if issues such as problems with subordinate lien holders, sales amount or other items arise. In such instances, the agent asks the folks at Fannie to escalate the sale transaction process. On receipt of the escalation request, Fannie will contact the agent directly to closely review the hindering issue and try to commence a solution to it. This escalation process has already been successfully applied in over 10,000 short sales. So, if you have a loan with, or guaranteed by, Fannie, are having problems that cannot be remedied any other way and are actively considering a short sale, you might want to have your agent contact Fannie to take advantage of this process. As always, Good Luck.