As of August 1st, 2013, SCV Short Sale properties must be listed in the MLS before submitting for Fannie May and Freddie Mac approval consideration. Fannie Mae and Freddie Mac recently announced changes to their Standard Short Sale and HAFA guidelines that will require GSE approval. Beginning August 1, 2013 any Fannie May or Freddie Mac applicable property in Santa Clarita (or anywhere for that matter) being considered for short sale approval must be listed in the multiple listing service (MLS) for five consecutive days, including one weekend, prior to Fannie Mae or Freddie Mac approving a short sale offer. Here’s a copy of the announcement. Fannie May Servicing Announcement. Should you need any help with your Santa Clarita short sale we can help. Contact Certified Distressed Property Expert Matt Gregory at 661-713-4799. Here’ is a video for more information about short sales.
Listing a short sale property in the MLS is no longer an option if the homeowner has a Fannie May or Freddie Mac type loan. This is probably not an issue if the homeowner has listed their home through a real estate agent and their broker and because most properties. With this new requirement, don’t even think about submitting an offer to the servicer for approval unless the agent has followed the guidelines as set forth in this announcement.
The exact requirement reads like this: The property must be listed on the applicable MLS which covers the geographic area in which the property is located and a printed copy of the property’s MLS listing must be kept on file. 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 one weekend.
If your home is in Santa Clarita and you’re considering a short sale, we suggest you pass this information on to your real estate agent to make sure they are aware of the new requirement. It’s likely not a problem, but it’s just one more task your agent must perform while negotiating the approval of a short sale offer.
For more information please refer to the Fannie Mae servicing guide announcement here. Fannie May Servicing Announcement