In the past, if you wanted the
lender's value of a short sale property, you would have to wait until there was
first a sales contract. Then, the wait would continue until the servicer
ordered a BPO or appraisal. Now you can now allegedly obtain a recommended
list price directly from Fannie Mae.
According to Jane Severn,
Marketing Director in the Real Estate Asset Management Group at Fannie Mae, you
can request a recommended list price before the property is listed and even
while the borrower is being evaluated for eligibility. Fannie Mae will order a
BPO and/or an appraisal and use comparable listings and other data to set a
recommended list price. (This is a new policy and TGB is not certain how
this will work or how quickly Fannie Mae will set a recommended list price).
Perhaps the greatest change in
Fannie Mae's procedures is that Fannie Mae now requests that once a property
receives an offer, you can simultaneously submit that offer to the servicer and
directly to Fannie Mae. Fannie Mae is using this process as a tool to keep the
short sale on track by attempting to cut down on timelines. Severn quoted
instances when Fannie Mae's escalation department received value disputes, but
Fannie Mae didn't even know that the property in question was listed.
It is clear that there is
sometimes a lack of communication between servicers and investors. We're hoping
that these new changes will cut down on time between submission of the short
sale contract and approval.
P.S. As we learn of new trends
in the Short Sale World and whether or not these Fannie Mae changes are
successful, we will keep you all updated! (TGB is already testing these new
policies with several of our current short sales).
William D. Tucker, III
Tucker Griffin Barnes
Charlottesville, VA
434-973-7474
Inquire@TGBLaw.com
www.TGBLaw.com
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