I understand that Fannie Mae has new marketing requirements such as; they require that the short sale listing be in MLS (as an "Active" listing) for a period of 5 - 7 days and I've heard they may ask for documentation of how many showings you have had during the listing period. Does anyone know what the exact requirements are, or can you tell me where I can find them?
Yes they started this at the beginning of the month. The properties have to remain active for at least 7 days and two of those days have to be a weekend.
They stated this on their last webinar through Making Homes Affordable training last month.
I really like the part where they are going to start to black list those agents that charge the buyers the short sale negotiating fees. Plus they are talking about going after them civilly for mortgage fraud.
Seriously...Fannie Mae going after people for fraud? Maybe they should start with themselves.
Sad thing is Fannie Mae probably would publicly announce that they are investigating themselves for fraud and will publish the conclusions..... Why not. There appears to be no requirement for transparency or honestly anymore. Who is going to get after them? Attorney General Eric Holder who investigated himself for Fast and Furious? We just have to accept that there will be no justice with these banking crooks as long as the country is run by cronies.
****Here is the bulletin
link.... for Fannie Mae news release with information and additiona...
This is a total joke on the part of FNMA. I first called our local board to inquire as to who was going to enfore this new "rule" and to let them know about an agent who, that very day, listed and pended a short sale that I know was FNMA. She was unclear about the rule and just yesterday, more than one week later, told me she was finally getting around to looking into it. I called FAR (Florida Association of Realtors) and they did not know about the rule. Told me to call FNMA directly. Called FNMA directly and was told "we have no control of local MLS's and what they do or who enforces the local rules". She said FNMA does not even get involved in short sales until the very end so there would be no way to pursue this "rule". Then asked me where I had heard about the rule.
I then called NAR, you know, the NATIONAL Association of Realtors, and they had not heard of the rule, did not want to know about the rule, and told me to take it up with my local board.
So . . . if anybody knows how this "rule" is going to be enforced, or what the penalties are going to be to agents who ignore the rule, please, please let me know, let FAR know, and let NAR know.
I don't see anything in Fannie Mae's release that says there are any mandatory listing periods, etc.
All I see is:
"Moving forward, agents are asked to provide short sale offer information, such as the property address, MLS listing information, offer details, and subordinate lien information, through Fannie Mae’s Homepathforshortsales.com website. Agents will also be asked to upload scanned copies of the sales contract, estimated net sheet or HUD-1 settlement statement and borrower authorization form. Realtors are also encouraged to proactively reach out to Fannie Mae early in the short sale process to request list price guidance to aid in marketing efforts."
The above is no different than what has been done so I would ignore it. You have to keep in mind that FNMA publishes threatening notices regularly, but really nothing changes. It is either ignorance of the real short sale process or just a purposeful verbal warning to effect an outcome without actually doing anything. Either way, I would not put much effort into worrying about it.
On another note, Fannie Mae put this at the bottom of the notice: "Fannie Mae enables people to buy, refinance, or rent a home." I think they should change the wording to read "Fannie Mae enables people to get themselves into hopeless debt so they can overpay for homes in order to help create the illusion of an improving housing market and economy."
I found another source from our local MLS. It appears that the standard is 5 days not 7 days.
I think you are misinterpreting the verbiage:
"On or after August 1, 2013, all properties being considered for a standard short sale/HAFA II must be listed with an active status on a multiple listing service (MLS) for a minimum of five consecutive calendar days, including one weekend (i.e., Saturday and Sunday), prior to the servicer
- submitting the standard short sale/HAFA II recommendation to Fannie Mae for review, or
- approving the standard short sale/HAFA II."
You do not need to wait 5 days to submit a short sale request. It does not say that. It just says 5 days including a weekend before a short sale can be recommended or approved. Since it takes weeks for the servicer to assign the file, submit for HAFA II or Fannie Mae with a short sale recommendation and much longer to get an approval, this is a non-issue.
Listing of the property for 5-7 days was announced in a recent FNMA Servicing Bulletin. FNMA Servicing Guide SVC-2013-13 released 6-19-2013.