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Oct. 2012 – Fannie Mae Now Offers Help Desk to Consumers

Fannie MaeShort sales have become a fact of life in today’s real estate market and with reports of more than 30 percent of homeowners currently underwater on their mortgages, short sales are seen as a welcome alternative to foreclosure. Short sales also provide a unique opportunity for home ownership for many buyers who would not be able to afford a comparable home in a stronger market.

By definition, short sales are those transactions where the sales price is less than the seller’s existing mortgage loan balance and the lender agrees to a payoff of less than what’s owed. Lenders favor short sales because they are less costly and more efficient than foreclosures. However, the complexity of these transactions can make closings more time-intensive and they can be daunting for the consumer.

Working with Multiple Listing Services across the country, Fannie Mae developed the Short Sale Assistance Desk as a resource for real estate professionals in handling such post-offer issues as servicer responsiveness, the existence of a second lien or issues involving mortgage insurance. The Short Sale Assistance Desk serves as an escalation procedure that can help facilitate and streamline the short sale process in closings.

Until now, the Fannie Mae Short Sale Assistance Desk was only available to real estate professionals, but this summer, Fannie Mae has made it available directly to consumers. This is an important tool your clients may be asking you about – make sure you are up to speed on all aspects of the Assistance Desk as part of your overall resources. MLSListings provides additional information here.

Today’s buyers and sellers want to be educated and know the resources that are available to them in the transactional process. MLSListings helps you serve their information and education needs by making a wealth of resources available in one place. As a subscriber, make sure you are taking advantage of the benefits available to you to boost your business.

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