by: Cindy Miller
New Fannie Mae Servicing Guidelines effective August 1, 2013 include a provision that requires “all properties being considered for a standard short sale/HAFA II must be listed with an active status on a multiple listing service (MLS) for a minimum of five consecutive calendar days, including one weekend…”
Click here for the full Servicing Guide Announcement SVC-2013-13
With the recent rise in “off MLS” transactions, much of the discussion has centered around whether such marketing strategy is in the best interest of sellers – does the “exclusivity” factor create a mystique that results in a higher price for the seller or does maximum exposure to the largest possible pool of buyers and buyer representatives eliminate any doubt that the seller is garnering the best possible price and terms. There have also been concerns raised over whether “exclusivity” equates to “discrimination”.
It would seem that Fannie Mae wishes to ensure that their inventory is getting exposure through the MLS to avoid any appearance of such exclusivity of pricing or availability.