Fannie recommended list price
Anyone have any rules of thumb when dealing with Fannie's recommended list price?
I've got a troubled listing. Its been on the market for about 3+ months. We've steadily lowered the price. I figured I might as well see what Fannie thought. So I requested list price guidance through the Homepath website.
I was able to talk with the appraiser about the home's issues and it seemed like we understood eachother.
Just got Fannie's list recommended list price and it is only $4k below what I currently have it listed for.
I know I can now contest the value, but was wondering if anyone has any rules of thumbs regarding their recommendations. 5% less, 10%? There is just no negotiating anymore.
Servicer is Flagstar.
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Fannie Mae typically is looking to NET within 90% of their value... Seems like potentially you should just obtain the best offer you can at the moment and open up a value dispute if you feel the property is being valued too high, so you can see what you are really going to be up against.
310-564-6389
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Permalink Reply by Drew Ludlow on
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Yep, that's what I was thinking. So with 6% in commission and another 1% in various taxes/closing costs, they are only looking at about 3% less than recommended list.
I'd dispute it, but given their criteria, how do you dispute a horrible location on a busy road? There are no contractor bids, comps don't show it.
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