Fannie Mae Announcement
Category: Recent Articles
Published: Wednesday, March 04, 2009
Great news for people interested in "short sales," which is where home owners who can't afford their mortgages sell their houses at substantial discounts, often below what they owe on the loan.
Fannie Mae is the single biggest player in the American mortgage market and they plan to crank up the pace of short sales on properties in its huge portfolio. Fannie Mae plans to streamline procedures to enable pre-foreclosure sales to speed through what is currently an extended and very complicated process.
Fannie will "pre-approve" certain short sales, which is a major change from current practices and wants to provide higher commission incentives to realty agents who can connect sellers with qualified buyers.
Effective March 1, 2009, Fannie Mae announced a new policy regarding pre-foreclosure short sale transactions. The policy provides that the closing of a short sale (pre-foreclosure) involving a Fannie Mae loan may not be conditioned upon reducing real estate brokerage commissions to a level below what the listing agent negotiated with the seller, unless the fee exceeds 6 percent of the sales price.
The new policy applies to those short sale transactions where the seller is delinquent in paying his or her mortgage and are in "pre-foreclosure." The official announcement is available at the Fannie Mae website.
This is great news for agents who have been working with buyers who are interested in these properties. Agents do a lot more work to make these types of transactions work and deserve to get paid.
Contact me if you're considering a short sale or if you need more information on the process.
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