Fannie Mae Won't forces unreasonable counter offer

Help!!!

I have been dealing with a property that needs extensive work in an area of newer homes, the property has been on the market for almost two years and the best offer I received is 145K cash.  It appraised for 100K a month ago and fannie mae wants 225K and they will not pay for the water & sewer bill.  I have contested the value several times before and Fannie mae actually went up in the value!!!  I am frustrated and wondered if anyone out there has been successful at with this same problem.   Thanks

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Permalink Reply by Timothy Lee on January 8, 2014 at 8:59am

I currently have several short sales which involve Fannie Mae, and most of them are coming back with ridiculous counter offers.  I have one with a failed septic system in a not so desirable location where the offer is $90K cash, and the counter offer is $160K.  Another property that is a complete rehab, offer is at $101K, the counter offer came back at $185K.  Those are just two examples, but it goes without saying that Fannie Mae is purposely inflating values.  I don't know if their reasoning would be to artificially inflate the market or just to let short sale inventories rise (until they become REO's), but none of it makes any sense at all.

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