FANNIE MAE COMMITTING FRAUD IN SHORTSALE BPO VALUATIONS! OVER INFLATED PRICE FIXING! - Short Sale Superstars2024-03-29T10:41:26Zhttp://shortsalesuperstars.com/forum/topics/fannie-mae-committing-fraud-in-shortsale-bpo-valuations-over?commentId=3468065%3AComment%3A341534&x=1&feed=yes&xn_auth=noI recently did a BPO on a hou…tag:shortsalesuperstars.com,2014-01-08:3468065:Comment:3415342014-01-08T20:09:42.976ZTimothy Leehttp://shortsalesuperstars.com/profile/TimothyLee
<p>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…</p>
<p>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.</p>
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<p>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.</p> We bid on a Everhome short sa…tag:shortsalesuperstars.com,2013-12-29:3468065:Comment:3403272013-12-29T17:02:24.757ZMark Gottliebhttp://shortsalesuperstars.com/profile/MarkGottlieb
<p>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.</p>
<p>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.</p> Since you know the Listing Ag…tag:shortsalesuperstars.com,2013-04-09:3468065:Comment:3083822013-04-09T13:43:23.849Z31cg1fw8yxswnhttp://shortsalesuperstars.com/xn/detail/u_31cg1fw8yxswn
<p>Since you know the Listing Agent, I would suggest that he post the property with a full disclosure. Anyone looking will see it. Also I would have him send a copy of the posting to the .com (new agent). Let them know that the owner has direct knowledge from professionals with reports in writing, and that this is a discosable issue. Give them a specific time to update the listing.</p>
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<p>Once that time limit expired notify your state's DRE with a formal, as well as your local…</p>
<p>Since you know the Listing Agent, I would suggest that he post the property with a full disclosure. Anyone looking will see it. Also I would have him send a copy of the posting to the .com (new agent). Let them know that the owner has direct knowledge from professionals with reports in writing, and that this is a discosable issue. Give them a specific time to update the listing.</p>
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<p>Once that time limit expired notify your state's DRE with a formal, as well as your local Realtor Association. </p> I'm going to start flipping h…tag:shortsalesuperstars.com,2013-03-21:3468065:Comment:3046822013-03-21T14:07:55.605ZMike Aubelehttp://shortsalesuperstars.com/profile/MikeAubele
<p>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...</p>
<p>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...</p> http://www.foxbusiness.com/ma…tag:shortsalesuperstars.com,2013-03-21:3468065:Comment:3044202013-03-21T01:52:29.773ZVictoria Frieberghttp://shortsalesuperstars.com/profile/VictoriaFrieberg
<p><a href="http://www.foxbusiness.com/markets/2013/03/20/fannie-mae-freddie-mac-stock-up-more-than-20/?intcmp=obnetwork">http://www.foxbusiness.com/markets/2013/03/20/fannie-mae-freddie-mac-stock-up-more-than-20/?intcmp=obnetwork</a> </p>
<p><a href="http://www.foxbusiness.com/markets/2013/03/20/fannie-mae-freddie-mac-stock-up-more-than-20/?intcmp=obnetwork">http://www.foxbusiness.com/markets/2013/03/20/fannie-mae-freddie-mac-stock-up-more-than-20/?intcmp=obnetwork</a> </p> You must be a mortgage banker…tag:shortsalesuperstars.com,2013-03-21:3468065:Comment:3043472013-03-21T01:45:24.952ZScott Marvinhttp://shortsalesuperstars.com/profile/ScottMarvin
<p>You must be a mortgage banker. I would love to continue this conversation but I have clients who need my time to saved from foreclosure.</p>
<p>You must be a mortgage banker. I would love to continue this conversation but I have clients who need my time to saved from foreclosure.</p> Ron,
You disagree? The banks…tag:shortsalesuperstars.com,2013-03-20:3468065:Comment:3045832013-03-20T22:53:42.098ZScott Marvinhttp://shortsalesuperstars.com/profile/ScottMarvin
<p>Ron,</p>
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<p>You disagree? The banks made loans to people that did not deserve a loan. Remember subprime? Then they packaged them up and sold them to investors. Then the hedge funds got involved and the CDS (credit default swaps) began and it was actually to the investors advantage for the loan to default. They made more money when the loan defaulted. Once they realized they could make such a profit on defaulting loans you better believe there was some inside dealing going on to make…</p>
<p>Ron,</p>
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<p>You disagree? The banks made loans to people that did not deserve a loan. Remember subprime? Then they packaged them up and sold them to investors. Then the hedge funds got involved and the CDS (credit default swaps) began and it was actually to the investors advantage for the loan to default. They made more money when the loan defaulted. Once they realized they could make such a profit on defaulting loans you better believe there was some inside dealing going on to make more high risk loans so they could continue to bet on defaults.</p>
<p>This used to be illegal prior to 2000 but our government changed that law to allow it. I can't blame the buyers. They were told they could have a mortgage so they got one. It was the so called "experts" that messed things up.</p> Fannie and Freddie have been…tag:shortsalesuperstars.com,2013-03-20:3468065:Comment:3043412013-03-20T21:54:14.462ZMike Aubelehttp://shortsalesuperstars.com/profile/MikeAubele
<p>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.</p>
<p>So, they manage the United States real estate market the way they want to, it's theirs to do as they wish. …</p>
<p>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.</p>
<p>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.</p> Mike, I completely agree and…tag:shortsalesuperstars.com,2013-03-20:3468065:Comment:3045112013-03-20T20:15:46.481ZKevin - Greenville, SChttp://shortsalesuperstars.com/profile/KevinMWillson
<p>Mike, I completely agree and have voiced simliar thoughts myself.</p>
<p>Mike, I completely agree and have voiced simliar thoughts myself.</p> It's unfortunate. But, I don'…tag:shortsalesuperstars.com,2013-03-20:3468065:Comment:3040722013-03-20T13:40:35.702ZMike Aubelehttp://shortsalesuperstars.com/profile/MikeAubele
<p>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."</p>
<p>There is a group called The Distressed Property Coalition that is lobbying congress to straighten out Fannie and Freddie. </p>
<p>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."</p>
<p>There is a group called The Distressed Property Coalition that is lobbying congress to straighten out Fannie and Freddie. </p>