To all readers
I want to thank all of you who have taken time to respond to my plea for examples of short sales that have failed because of Fannie Mae values that exceed FMV. As you would expect, I have had hundreds of examples sent to me. I have reviewed them all and have tried to respond to as many of you as possible. For those who I have not yet personally responded to, please accept this posting as my response and thanks. I want to especially thank Bryant for his assistance in promoting the need for your participation.
I was able to submit a number of great examples to NAR and hope that some positive results are forthcoming in the near future. I will try to keep you posted. Hopefully, 2013 will be a good year for those who work the short sale market. Take care
Ken Ryan - Long Realty
Ken - Please keep up updated and thank you for taking a leadership role with the Fannie Mae valuation issues and short sales. We all appreciate it and will help you however we can.
Thanks so much for all your collaborative efforts! I was going to send one in to, glad you had a goodly number! Do you think it would help to take this kind of action through various Realtor (c) Associations? for example, our board, NNRMLS, has a FNMA escallation desk liason, perhaps we could use that relationship to adress similar issues. I think we need to get a value escallation desk at FNMA -- dealing solely with valuation. My example had to do with a co-operative B of A short sale, wherein the BPO agent was told to use exclusively non distressed properties, which are not driving the market. I don't know how, but the same agent was selected by the 2nd lien holder to do a conventional BPO, and they approved my valuation per his BPO...
All the best,
I have 3 valuation disputes going now with Fannie Mae, they are so backed up it is taking over 3 weeks and we still haven't heard back....let me know if you want more information on these. Thanks for trying to help!!!