When a servicer receives notification regarding a potential demolition, condemnation, or uninhabitable property, certain steps must be taken to ensure that Fannie Mae's interests are protected. Refer to Section 10: Code Violations and/or Citations in this Property Preservation Guide for further guidance on violations.The servicer must ensure the property is properly secured and the exterior of the property is maintained (grass cut, tree/shrub trimming, debris removal, etc.) by utilizing any available allowables.
The servicer must provide all mandatory data and attachments required for the bid submission and any additional relevant information. Fannie Mae reserves the right to request additional bids and/or information at any time. The servicer will have seven (7) calendar days from the Fannie Mae bid response date to submit requested subsequent bids and/or additional information for reconsideration.
For additional information please see: Property Preservation Matrix and Reference Guide, Section 8, Damaged Properties/Disaster Impacted Properties.