Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sales – Fannie Mae To Negotiate Directly With Agents

knoxvilleshortsalescanbeslowLast week, Fannie Mae announced they will be implementing a new system to work directly with short sale agents.  This is great news for Knoxville short sales because it puts agents in direct communication with Fannie Mae to hopefully help alleviate some of the problems Knoxville short sales run into. In the past, Knoxville short sale agents would negotiate the short sale with the loan servicer.  Then, the loan servicer would work with Fannie Mae to get approval, oftentimes being a unproductive middle man. The system of negotiating short sales through a servicer would often cause Knoxville short sales to stall unnecessarily, due to pricing disputes or delays caused by the servicer. In February 2013, Fannie Mae launched a portal for agents to communicate directly with them when they ran into problems with a loan servicer. Through the portal, agents were able to escalate a short sale file if they felt that that a short sale had stalled unnecessarily. Agents were also able to log onto the portal prior to putting a Knoxville home on the market to get a recommended list price for the short sale. In the coming months, Fannie Mae has announced that the portal will take things a step further, and allow agents to work directly with them; thus, eliminating an unnecessary middle man. While it is hard to say whether or not working directly with Fannie Mae will have a significant impact on short sales, it is a good step forward. By eliminating a middle man (the loan servicer), Knoxville short sales will hopefully become a smoother, more efficient process. Are you facing foreclosure on your Knoxville home? Do you want to hear your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to give me a call, my team and I have helped countless homeowners avoid foreclosure. I can be reached at 865-696-9002 or via email at [email protected].

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