Fanne Mae Short Sale Approval
Hello Paul,
Great site!
On a short sale offer, who has the final say on whether the offer is accepted or not, is it Fannie Mae or the servicer of the loan? Can Fannie Mae approve the offer and the servicer rejected?
Robert
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Hello Robert,
If the loan is owned or guaranteed by FNMA then the servicer typically has delegated authority to approve the short sale to a certain percentage of the BPO/Appraisal. If you need a larger discount than that, FNMA will be petitioned by the servicer. If FNMA approves the short sale and there’s no mortgage insurance or junior liens to deal with then you’ll have no trouble with the servicer – it’s approved.
Thanks for the questions and hope this helps.
Paul
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