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!
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
[email protected] 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!
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.
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.
Wow, I am glad to see more and more agents are getting angry.
I will have to say that I have not done a "strategic short sale". I have been lucky enough to have helped real people who are in a bad situation because of the economy and the crummy hand that life sometimes deals to people. Most did not cash out on a refi, they just believed in the good old America dream of home ownership. They were unlucky as they bought into that dream, with our help, between the years of 2004 and 2009. These are real people . . . they are our neighbors our friends and relatives. Their taxes went to bail out Fannie Mae just like everyone else.
They deserve a dignified way out. If they have a hardship and they go to the bank and jump through all their hoops then they should expect to be granted a short sale.
There are two outcomes to this solution that I think will happen:
1. Fannie Mae will start offering HomePath financing to short sale buyers so they can sell overpriced homes to the public with our help.
2. Fannie Mae will use the Realtor as an avenue to make contact with the homeowner, get them onboard with the short sale program, keep the home in good condition and then they will step in and offer the home owner a deed-in-lieu and sell it with their REO agent through the HomePath program.
I already have two short sale customers that are going the deed-in-lieu route as we just can’t sell their home for what Fannie wants to get. I have no intention of continuing to work short sales if I am going to be an unpaid (sucker) agent for the Fannie Mae REO department.
It's unfortunate. But, I don't think you're going to get help from NAR with the big banks. Since they're literally writing the laws, and then making them up as they go along, NAR has no pull. This will continue since the banks always know best and since the Justice department's Eric Holder recently said in an interview, "The banks are too big to prosecute."
There is a group called The Distressed Property Coalition that is lobbying congress to straighten out Fannie and Freddie.
Mike, I completely agree and have voiced simliar thoughts myself.
Fannie and Freddie have been given 140 Billion dollars to date. Their execs always come from the two idiot parties in Washington and leave with 50 to 90 million dollar paydays. If they fail, we, the tax payers, will pony up another 100 Billion to them, and they know this. Do they break the law, yes. Can anybody do anything about it, no. They're in the "untouchable" crowd.
So, they manage the United States real estate market the way they want to, it's theirs to do as they wish. So, the values will be what they are and there is nobody to talk to about it. It's the usual DC deal. Unfortunately. Ask for your dues back from NAR. Fannie and Freddie just may get rid of any realtors touching a short sale unless they're a Fannie/Freddie approved in house realtor in the future so the reap the commissions. Just a guess.
I'm going to start flipping high end Luxury houses 1 Million and up. Short them, buy them, and then sell them. There are no deed restrictions on the higher end luxury houses and bigger spreads. Enough of these low end loans, too much of a pain. The bigger the numbers, the same time it takes to short, same paperwork...
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.
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.