Freddie Mac Escalation Needed?

I have a 1st with Chase, Investor is Freddie Mac. Their BPO came in much higher than actual value is. It is a condo that has just recently lost its FHA approval and the property is in need of serious repair including water damage. I have sent in detailed photos of our properties current condition and also detailed photos of the recent sales that show they are far superior to our subject property that are selling for $125kísh.

Freddie wants $125,000. The best offer we can get is $100K, cash. I have received other offers anywhere between $75-95K as well that I have shown them and they still won't listen. I have tried everything I know to try and get them to come down. Should I try and escalate this or do you have any other stratagies?

 

Please help me, I'm too young to loose all my pretty, heavily dyed hair LOL :-)

 

 

Views: 225

▶ Reply to This

Replies to This Discussion

Permalink Reply by David A. Roebuck on April 18, 2011 at 3:41pm

Jennifer, I have a 1st with Wells Fargo, Investor is also Freddie Mac. BPO also came in higher than actual value - it is also a condo (townhouse) and guess what?  They want $125,000 also - ONLY offer so far has been $85,000 after 7 months marketing and numerous but gradual price reductions to even get the one and only offer. I tried to get them to tell me what the BPO was but they've been uncooperative thusfar.

Let's keep in touch and perhaps all the responses can be beneficial to us both.

Good Luck and Keep the Faith.

Permalink Reply by Aaron Ayotte, Short Sale Monkey on April 20, 2011 at 3:50am

I've had luck in this type of situation by purchasing an appraisal and submitting it.  The angle here is that the lender is "asking" the seller to counter to the buyer - remember the lender is NOT a party to the contract, but yes, they still have to approve the deal.

So, the Seller, not agreeing with the lender's "suggestion" to counter the buyer that high because of only receiving LOWER offers thus far, has decided to purchase an appraisal on the property so as to market it at "the right price".

If the lender decides not to accept the appraisal, which has only happened once in my business, have the buyer buy one too - provided the $300 spend BEFORE approval is something they can stomach (it depends how much they want the place).

With 2 independent appraisals showing lower amounts than what they're "requiring", then chance of denial at that point is slim.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************