David Saks: Fannie Mae Debuts a New Short-Sale Tool for Agents

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Fannie Mae Debuts a New Short-Sale Tool for Agents

Fannie Mae Debuts Short-Sale Tool for Agents

Fannie Mae

Fannie Mae wants to work with mortgage servicers to streamline short sales, and is now asking listing agents to register accepted short-sale offers on


where they'll be asked to provide information such as the property address, MLS listing information, offer details, and subordinate lien information associated with the short sale.

Short Sale


“We believe this new process will help ensure all parties are in communication early on and are able to come to an agreeable and appropriate sales price. At the end of the day, Fannie Mae wants to get short sales done so that we can prevent foreclosures and help neighborhoods recover,” said Jay Ryan, vice president for real estate sales at Fannie Mae.


Agents are requested to upload a scanned copy of the sales contract, the estimated net sheet or HUD-1 settlement statement, and any borrower authorization form at


The mortgage giant is offering real estate professionals a nice way to work on short sales and also allows them a way to communicate directly with the company when they run into problems.

The new short-sale escalation process expands  Fannie Mae’s  tool and opens a new door to real estate pros working on short sales involving loans owned by Fannie Mae.

The process is designed for issues such as valuation disputes, servicer delays, or subordinate lien holders who fail to cooperate, Fannie Mae said.

Agents can also use the tool  to get recommendations about a list price before putting a property on the market.

David Saks

Time&Temp Memphis

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Comment balloon 6 commentsDavid Saks • June 10 2013 07:33AM



Thanks for sharing. Hopefully we won't see too many more short sales.

Posted by Carla Freund, Carolina Life RealEstate & Relocation 919-602-8489 (Keller Williams Preferred Realty) about 7 years ago

I'm not so certain that we won't, Carla. Most, who make their bread and butter from this profession, want to sweep it under the rug. Much like a lurid denial of the holocaust. Someone still has to pay for the fraud, greed, misrepresentations, and the horrible manner in which reprehensible lenders robbed, cheated and scammed borrowers over the last 12 years. Fannie Mae, hopefully, may also be laying some groundwork to insure the integrity of the process. Real estate is really local when entire communities, beset with egregious levels of wealth, deny that fact that millions of Americans are still suffering from the worst economic disaster in the history of our nation. There is still a long road ahead for most of us. Thanks for your note.

Posted by David Saks ((retired)) about 7 years ago

Thanks David, I did a Home Path Foreclosure that went well recently and maybe this will be a good tool too?

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 7 years ago

Recovery is still far down the road for hundreds of thousands of homeowners, Noah, in spite of the phony enthusiam about the market. Most of the positive remarks about sales come from the wealthy side of fence and realtors listing luxury property trying to hide the reality of the situation. It's nice support from FNMA. These obnoxious cheerleaders for industry soon forget and hide the reality of the fact that there's less interest in the secondary market, which is where lenders get the money they need to originate more loans.

Posted by David Saks ((retired)) about 7 years ago

David, Thanks for your entry. Do you talk about the short sale on your video. I can't seem to get it to run other than an ad??

Posted by Helen and Larry Prier- Re-Max Gateway - Residential Real Estate, Anacortes & surrounding Skagit & Island Counties (RE-MAX Gateway- Residential Real Estate Sales) about 7 years ago

Just details about the tool, Helen and Larry. No vid. Only links. Glad to hear from you.

Posted by David Saks ((retired)) about 7 years ago

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