Servicing Guide

Published September 9, 2020

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What are the requirements for listing the property when evaluating the borrower for a Fannie Mae short sale?

Listing the Property: The following table provides the servicing requirements for initial engagement with a real estate agent depending on whether or not the property is already listed.

If the property... Then the servicer...

is already listed with a real estate agent

  • must ask the borrower to provide the real estate agent’s name, address, and telephone number; and

  • must contact the agent to explain the requirements related to the short sale and refer the agent to HomePath for Short Salesto register the short sale offer, as applicable.

has not yet been listed for sale

  • is authorized to assist the borrower in finding an agent to handle the listing, as long as the servicer explains to the borrower that he or she may select a different agent; and

  • is authorized to provide list price guidance.

Note: The property must be listed with a licensed real estate agent who is not a borrower on the mortgage loan.

The servicer must provide written correspondence to the borrower and/or the borrower's real estate agent to include the following information:

  • a statement that the suggested list price is provided only as guidance, and not as the required list price;

  • a statement that an offer at or above Fannie Mae's suggested list price may not automatically result in an approval of the short sale by Fannie Mae; and

  • the types of transaction costs that Fannie Mae allows to be deducted from the contract sales price, as listed previously.

The property must be listed with an active status on an MLS for a minimum of five consecutive calendar days, including a Saturday and a Sunday, prior to the servicer submitting the short sale recommendation to Fannie Mae for approval.

  • Note: The property must be listed on the applicable MLS which covers the geographic area in which the property is located. If a property is located in an area that is not covered by an MLS, the property must be advertised in a manner customary for that real estate market for at least five consecutive calendar days, including a Saturday and a Sunday.

For more information please see: D2-3.3-01, Fannie Mae Short Sale.

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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