Anyone out there experiencing the short sale nightmares going on with Fannie Mae with OVER INFLATED pricing going on and OVER INFLATED VALUES coming in..while Fannie Mae wants you to BELIEVE IT'S "IN YOUR HEAD" and DRINK THEIR KOOL AID.... relief will soon be here!
Proof on file that the Fannie Mae created Short Sale Escalations portal in their HOMEPATH site is the biggest CROCK of "GO NOWHERE NESS"!
Can't wait til the PROOF IN POSSESSION of high up Fannie reps laughlingly referring to the SHORT SALE ESCALATIONS PORTAL as the "PORTAL TO HELL" and the "BLACK HOLE"! for SHORT SALES!
Yes, and can't wait til the proof of Fannie ORDERING BPO agents to COME BACK IN WITH
THEIR PRICE on BPO COMPS or NOT GET PAID..which is FRAUD and ILLEGAL..gets exposed!
The March 4th, 2013 PODCAST of Fannie Mae VP of REO/Short Sale Dispositions, JAY RYAN and
NAR president Gary Thomas...REEKS OF PUKE in a BAD PUBLIC RELATIONS STUNT of an overly rehearsed PODCAST...had me spewing chunks all over the screen!
http://www.realtor.org/videos/homepathcom-helps-escalate-short-sales
Yes folks! Play this video so you can CHOKE and HURL too!!! What tranquilizers did Fannie put in Nar president, Gary Thomas's drink as they talk about Fannie's RESOLVE to FIX the issues...with the
PORTAL TO NOWHERE tab on the HOMEPATH site so you can argue with the Fannie cowpokes in Dallas TX on their valuations dispute team.
Yes, those loving folks sittin in front o there ole computers...makin sure they come in 20% more or higher on all those valuations by comparin your short sales to their over priced FANNIE MAE SALES with their good ole HOMEPATH LOANS...YOU KNOW< THE LOANS CREATED AND OWNED BY FANNIE THAT DON'T REQUIRE THAT GOOD OLE THING CALLED "AN APPRAISAL"?
YEAH..THAT'S IT!!! OH AND GET THIS! THOSE FANNIE HOMES THAT WERE SOLD AND ARE NOW USED AS COMPS? IT'S SOOOOOOOOOOOOOOOO ROOTIN TOOTIN FUNNY THAT THE SALES ACTUALLY TOOK PLACE ONE DAY BUT GOOD OLE FANNIE GOT TO HOLD ONTO EM BEFORE RECORDIN EM MONTHS LATER SO THAT THEY'D STAY A GOOD OLE COMP WAY PAST THE HOME VALUE CODE OF CONDUCT RULES OF 6 MONTHS FOR COMPS(HVCC RULES) WHILE THE REST OF US GOOD OLE FOLK HAS TO FUND ONE DAY HERE IN CA AND RECORD THE NEXT DAY OR FUND AND RECORD SAME DAY IN OTHER PARTS OF THIS HERE COUNTRY...BUT NOT FANNIE!!!!!
YES...IF YOU'RE TIRED OF BEING "JERKED AROUND" "BENT OVER" "BEAT UP" AND BASICALLY PLAIN OLE "DEFECATED ON" BY FANNIE
THEN SEND ALL YOUR JUICY
STORIES,EXAMPLES,VIDEOS,TAPES,TEXTS,EMAILS,SAMPLES AND ALL AROUND TONS OF PROOF OF CASE AFTER CASE TO
STOPFANNIE@GMAIL.COM AND ONE OF THE COUNTRY'S BEST GOOD OLE
FORECLOSURE DEFENSE/MORTGAGE SERVICING FRAUD LAW FIRMS IS WORKING NITE AND DAY DILIGENTLY ON ONE O THEM....CASES AGAINST FANNIE...YOU KNOW, LIKE THE BOYS THAT SUED A BUNCH O THEM BANKS THAT HAD TO PAY OUT LOTS OF GREEN IN THEM THAR MORTGAGE FRAUD SETTLEMENT CASES....YEP...JED IS WORKING OVERTIME TO HELP THE POOR FOLK RISE ABOVE THE TRENCHES AND FIGHT BACK.
It's time to let the "federal fixing of home pricing in short sales" be known to the masses as Fannie forces short sales to fail by OVERPRICING the VALUES so FANNIE can then TAKE THEM BACK as REO/Bank Owned Properties that THEY MAGICALLY get to SELL and OOOOPS MAGICALLY get to FINANCE with their HOMEPATH loans that MAGICALLY DON"T REQUIRE AN APPRAISAL!!!
So yes, rise up and let them know that you're
AS MAD AS HELL AND NOT GONNA TAKE IT ANYMORE!
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I recently did a BPO on a house that had been on the market for 6 months at a certain price. Obviously overpriced and needed a lot of work. Based on the comps at hand, I had a difficult time bringing it in much lower than the current asking price, but my value came in about 3-5% below current list. I must have received 4 phone calls over the next 6 hours complaining that I was wrong, that I had undervalued the house, etc.... The only way to get paid (i.e. get the BPO to be marked complete) was to fall into their trap and state that the house was worth more. Total fraud. I turned the BPO in 4 times but didn't budge on my value. I told the agent over the phone (who was 2500 miles away from me) that there is only one basic overall reason why a house won't sell, and that's price --- and that this property was already overpriced.
Also, I recently had a short sale lender, when calling in a counter offer to me, state that the counter was "only a little bit higher" than what the BPO value had come in at. Why should it be higher at all? None of us that deal with short sales on a regular basis have the time to file the challenges on a regular basis.
We bid on a Everhome short sale for $205K; appraisal for Everhome was in that ballpark, possibly a bit lower. Everhome wants 314K and asked if we want to counteroffer. 205K was fair and all cash offer.
Put an offer in on a property that has been sitting on the market, and this is no joke, since '07. Has had over the years the customary price reductions until its current price of 400k. Now, this home has been sitting at this price for over a year.
We put in an offer of 385k with a seller contribution of 3%. Not bad of an offer considering the home has no driveway, badly needs a coat of staining or a paint job and already has some septic issues and really the home just isn't finished (built in '07). Also not a bad offer considering, the time on market with NO OTHER OFFERS and I'm sure there won't be at this price. Anyway, package was submitted to Bay view asset manager and the "certified appraisal". (Sure it's certified, whatever Bayview) was done and based on that, they would need to counter at 455k!!!! 55k above list price on a home with no other offers that has been sitting for years, literally years!!!!
Ok, so once I picked my self up off of the floor and asked what they've been smoking, the listing agent asked the asset manager if she could see the appraisal or at least tell is which comps they used. She of course, apparently was as sweet as pie but could not tell us anything. Now, I have been doing real estate for approx. 17 years and could not believe the load of garbage this asset manager was trying to feed the listing agent and in turn, was trying to feed me. Of course, no " certified appraisal" was ever done. These services don't what to pay just to turn around and tell the appraiser what to value the home at anyway. Its a waste of time and money and just a joke of a song and dance. The listing agent attempted to dispute the value with the asset manager but the asset manager said it could not be disputed.
So, we decide to counter back full price with a letter stating why this was our best offer along with my CMA, and the listing agents CMA. If that doesn't work the buyers are willing to pay for their lenders appraisal. We will give this "homepath for short sales" a try and see just how real Fannie Mae is in helping resolve this nightmare we call real estate. I'll keep ya posted.
I the past 1 1/2 months I have had 6 of my fannie short sales get countered at way above fair market value. On one of those the buyer countered at a fair market value price and it was accepted. On another they buyer walked. I disputed the value through the Homepath website and was given a $10,000 price reduction. This one could possibly sell at the new price. On the 4 others I have disputed I have yet to receive a price reduction. I was told by Wells Fargo that Fannie decided on a value but a BPO was never done. They came up with their own value without sending anyone to the house.
I spoke to one BPO agent and he gave me the value he came in at. I then called the negotiator at PHH mortgage and explained that the value that they came back with was $20,000 more than the BPO. She told me that agent will probably be fired by fannie for telling me his value. She was however very open probably due to her own frustration and explained to me that fannie is doing this because they feel realtors and BPO people were abusing the market by submitting low values and this is fannie's way of correcting that.
I was told by two different BPO agents the value that came back from fannie was higher than the value they submitted. One BPO agent told me he gets pressured by the investor all the time to increase his value above fair market value.
There is definitely price manipulation by fannie mae. It is evident and our own government thinks we are stupid.
Over the past 3 years I closed 96% of my short sale listings and we have closed hundreds. So far this year it's looking like about 50% and it seems I'm fighting values on most of the deals. I'm about to leave the insanity and go back to traditional sales. I have a passion to help people but not if it's going to break my back doing it. I'm about run out of fight.
Last year I represented a buyer that was leasing a Fannie Mae foreclosure. They were already tenants in the home when the foreclosure occurred, there lease did not expire for several months. When the property was listed, we made a full price offer. The client was using a local lender, FHA financing, and appraisal came in 15K less than our offer. I had to practically arm wrestle with the listing agent over the sales price. She actually told me her asset manager had instructed her to advise my clients to switch to Homepath Financing which does not require an appraisal. I was dumb founded! Why would my buyer pay $15K more for the home than it is worth? Why would Fannie want to perpetuate the housing problem by practically strong arming my client and suggesting they overpay for the house? There was a couple days when I was unsure what was going to happen, the listing agent had a "take it or leave it" attitude. Finally, I told the listing agent I was going to call the local newspaper and see if they would meet me at the property so we could discuss the shenanigans going on with the countries largest lender. The next day they ratified the contract and we all moved on. This housing market is a disaster.
Sheyenne,
You are not alone. I am a member of the California Assoc. of Realtor Distressed Property Task Force and I can re-assure you and any other CA agent we are truly trying to bring this to light and the problem is that we are fighting our own government. We are paying for their mistakes and their lawyers. They are setting the market for housing collapse again. I lovingly refer to it as "here we go again--THE SEQUAL WE ALL SAW COMING! Folks, ALL OF US need to raise holy hell with our gov reps in your area. Give them a call, an email or just hunt them down and demand they look into this. I just got a ctr from citi/fannie on a file for $150k when the offer is $102k and the value is more likely sub $100k. If ti smells like crap, looks like crap, it probably is CRAP , and that is what we are all dealing with in terms of Fannie. It is playing with peoples lives ( including ours friends!) EVERYBODY REMEMBER THIS you & I gave Fannie & Freddie over $200 THOUSAND MILLION DOLLARS just to keep their doors open from their last fiasco ( BTW that is $200 billion in media speak) and this is our reward for helping them stay afloat. Should have just let the boat crash, we would be better off now.
Same thing here in Northern Illinois. I had every short sale of mine fail in the 4th quarter after having an otherwise perfect record with them. My first one was countered at 63% (YES, SIXTY-THREE PERCENT!!!) above contract price. The second one was countered at 22% above contract price. The third one was countered at 19% above the contract price. The fourth one was countered at 25% above contract price. Can't help but think that this is price-fixing.
I lost one listing and one buyer in the process; the buyer was my #1 buy client. The two other listings are still active but they're referrals from two of my best clients. Since this is going on, no more referrals from either referrer.
I have begun to reject short sale listings and have told my buyers to avoid them at all costs. The only short sales that I'll take are from close friends who really need my help. Otherwise, I'm done with doing all the work and just losing friends, referrals, and credibility for my efforts.
Fannie is determined to keep the vicious circle in motion, It keeps promoting fairness but continues to fall short of it. I'll be more than happy to send out some cases in and maybe someone on the other side will take the actual time to do some work!
WOW! I'm freaking out over HOW MANY agents out there are responding to this post!!! GOOOOOOOOOOOOD!
Oh and If some of you think I'm throwing a "tantrum" as u put it? GET OVER IT!...I'm a LEO..we're dramatic...that's how we roll!!!
Cuz FANNIE wants ALL of YOU to believe "it's in your heads" !!! Really? If it's in our heads and NOT REALLY HAPPENING...then how come hundreds of thousands of agents that DON"T KNOW ONE ANOTHER AT ALL....are ALL SCREAMING about the same thing and have the SAME THING HAPPENING TO THEM RIGHT NOW whether you're in CA or FL or any OTHER STATE here in the good ole USA! I guess we're all conspiring together right??? NOT!!!! EVEN CLOSE! I can't believe how many cases are coming in thru the stopfannie@gmail.com email. I'm making sure these are ALL going to the proper channels and getting them over to "JED" and his associates to really DO SOMETHING ABOUT THIS NOW!!!!!! BUT WAIT!!!! WAIT TIL YOU HEAR WHYYYYYYYYYYYYYYYYYYYYYYYYYYY THIS IS SOOOOOOOOOO BAD AND HOW Fannie's COMING IN WITH THE VALUES AND REALLY ILLEGALLY DOING THIS!!!
I don't know whether to ANSWER THIS in a REPLY ON HERE OR START ANOTHER POST WHICH ADDRESSES SOMETHING THAT SHOWS U WHAT THEY ARE GETTING AWAY WITH , WHICH WILL REALLY MAKE YOU HURL!
When I explain this to you .......and I want you to REALLY READ IT LIKE 3 TIMES SO IT SINKS IN....It will blow your mind, and then you will be AS MAD AS HELL AND DEFINITELY NOT GOING TO TAKE IT ANYMORE!
1) it's going to be information to all of you on what they are doing to FIX the PRICING and how DISGUSTING IT REALLY IS....
2)is the disgusting ness of their BS site they got NAR to "supposedly" create...callled RPR! Yeah, right...NAR created it...if u believe that...you're a total idiot!!! Yet magically FANNIE gets to "PARTNER" with them on this site and offer "TRAINING" etc...... it's a Fannie manipulated SITE, they're the "PUPPET MEISTERS" pulling all the strings and NAR just gets to buckle up and "GO ALONG FOR THE RIDE" and help SPONSOR this RANCID SITE called RPR.
they just want to form another CORELOGIC with their OWN Manipulated site...and TRY to have their " RPR" site be THE NEW STANDARD in VALUES>> as if we're ALL SO STUPID! NOT!!!!
I went on the site...just to wallow around in the polluted swimming pool to see what it's about.....but if you THINK for 1 minute that I will EVER USE THIS SITE FOR ANYTHING! THINK AGAIN! I wouldn't trust or use a VALUE ON THIS SITE...if you PAID ME!!!
I've seen enough...swallowed their dirty water and WILL NEVER USE RPR!. Please LOBBY YOUR MLS TO NOT BE A WILLING PARTICIPANT and frankly, not join....but I can't tell anyone what to do.....but hey, I'm sure FANNIE's GREASING their pockets as we speak....money talks....BS walks...
PULEEZ GAG ME WITH A SPOON!!! LIKE FOR SURE>>>>TOTALLY!
Ok, the real sickening thing that they are doing is coming up next FOLKS....but first..it's St Patrick's Day and I have to go
party with some leprechauns!!! Back in a few hours for the really juicy stuff that's gonna blow you away!
I have 2 problem Fannie files right now.
First one the buyer appraisal is 53% lower than Fannies Value, we have been fighting it and got a final offer from Fannie, we are still 30% apart from their value and the buyers appraisal value.
Second one the appraisal that was done BY FANNIE one the condo (i was sent the appraisal by mistake) is 170,000 and Fannie removed our 170,000 offer because they need to NET $260,000. THEIR own appraisal was 170,000 but they need to NET 170,000? That means they want me to sell the condo in the $280,000's to NET $260,000. NOT POSSIBLE. Funny part is that Fannie just sold the EXACT SAME FLOORPLAN with the EXACT same furnishings in the building for $151,000!
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