Midwest Real Estate Data (MRED) announced the first successful short sale closing which resulted from its joint effort with Fannie Mae’s Short Sale Assistance Desk. The Assistance Desk provides brokers and agents the ability to significantly shorten the time they have to wait for approval from Fannie Mae on short sale transactions. It helps real estate professionals with the handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance.
For real estate agent Diana Jones of Keller Williams Fox Valley Realty in St. Charles, her short sale experiences had been very frustrating.
“I’ve been doing short sales for years,” said Jones. “Nearly every transaction has been difficult. My observation of the process has been there is little cooperation from the lenders or loan servicers, and I base that on their lack of responsiveness and inexperience as negotiators. My biggest concern always is that my sellers may fall into foreclosure. It is a huge challenge to keep these deals together.”
It was with agents like Jones in mind that MRED recently went live with its Fannie Mae Short Sale Assistance Desk. By collecting and submitting information via a streamlined service provided through MRED, Fannie Mae has the data to help improve valuations and make quicker decisions regarding short sale requests. Previously, gaining an approval to proceed with a short sale transaction could take months. The Assistance Desk expedites the process so that a real estate professional will receive an initial response within days confirming that the case has been reviewed.
Jones had been representing sellers on a home in the western suburbs. They received an offer that was acceptable to them and they submitted it to the sellers’ lender for approval as a short sale. Despite repeated contacts, for months Jones and her sellers received very little response from the lender even though an auction date was only weeks away. When MRED went live with the Fannie Mae Short Sale Assistance Desk, Jones jumped on it and submitted this transaction.
“Once I submitted, Fannie Mae contacted me within two days, and within another two days told me what needed to be done to get the transaction closed,” said Jones. “The staff at Fannie Mae was completely professional and gave great customer service. Believe it or not, this closed a mere three weeks after it was submitted to the Short Sale Assistance Desk. Thanks to MRED for stepping up and providing this new service!”
For Jones, this turned a transaction going nowhere into a closing three weeks after the case was submitted to the Short Sale Assistance Desk. Complete frustration was turned into a new home for the buyers, a sale for sellers, and a closed transaction for Jones.
“This was exactly the type of service and results we were looking for when adopting this program,” said Russ Bergeron, MRED CEO. “Knowing the complexity of the problems associated with short sale transactions, having someone successfully close this quickly justified our very optimistic expectations of the Short Sale Assistance Desk. And based on the submissions already in process, there are many more to come.”
Midwest Real Estate Data (MRED) is a real estate data aggregator and distributor that provides the largest multiple listing service (by listing volume) to nearly 40,000 customers, with property information encompassing northern Illinois, southern Wisconsin and northwest Indiana.