Greetings everyone and thank you in advance for your responses~

I have a short sale listing Green Tree is the servicer and Fannie Mae is the investor.

Property listed at $140,000 and very clean offer at $140,000 no closing costs or anything additional.

Green Tree does BPO and says they want $190,000.  We dispute it and they say to get a full appraisal.

Buyers lender orders appraisal through independent licensed 3rd party.  Appraisal comes in at $140,000. 

Green Tree says they still want $190,000.  We go directly to Fannie Mae and THEY are the ones insisting on $190,000.

Even if I put this back on the market at $190,000 NO ONE WILL PAY THAT! 

Everyone is LOOSING in this situation EXCEPT apparently Fannie Mae.

What am I missing here and more importantly - What can be done?


Laurie Rogers

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I feel your pain.  I have 2 FNMAE short sales languishing right now at their ridiculous counters..both above their own BPO's and Lender appraisals.  The only thing to do is re-list, find out when their BPO expires and start reducing the price based on that.  Ridiculous, but they are simply NOT ready to write down the notes.  However, 4th Q is here and I normally get more approvals now than ever.  Hang in there!  Remember that Lenders and Logic do not belong in the same sentence.

I'm working on a file right this minute - with the exact problem. FNMA short sale - offer at $280,000 (FMV) and they want $50,000 more. This must be the "number" that they are adding. Mine is with Seterus. When I tried to file the dispute & forwarded the CMA, they outsourced it to the National Group - who wanted 1% of my commission. I told them they cant reduce commission due to FNMA. They said it is not a reduction. I am still getting 6%, but paying them 1%....LOL. I just requested it be sent back to Seterus, so it looks like I am starting over. No one is going to pay $50,000 over market value, and even if they would, it will not appraise.

Way to fight for your commission!  All listing agents need to check to see if Fannie/Freddie is the investor.  If so then they cannot reduce any real estate commissions unless it is over 6%!



What do you mean by "ESCALATE, ESCALATE...."?

My question is "how can we escalate to fannie mae?" Sorry if this is a basic question but in all our short sales, we've never had a problem of this nature.

this is happening to all of us on most FNMA loans - and Greentree just makes it that much more ugly - the distance from any reasonable value may be a mistake on their part because it allows for such a clear cut argument that there is funny business going on - and to think they are a quasi government would expect this from one or two "bad buy" bankers but FNMA????????  Takes some real guts to make this an across the board practice when responding to struggling homeowners during an election.....brass!!!!

We have the same situation here on 2 listings (both serviced by Seterus) in the same condo community. Oddly enough, Fannie Mae is demanding 10K more for the lesser valued of the 2. We disputed both showing clear and compelling proof of FMV but Fannie Mae says that they are basing their value on their "Red Bell Valuation", not on the BPO's provided by 5 different local brokers.

The negotiator for Seterus doesn't know what/who "Red Bell" is and my own research found very little about them. Does anyone know anything about "Red Bell"? Is this something like Zillow's "zestimate" valuation?

Hi Tim And Susan, I have never worked with Seterus before, and I have some sellers that approached me this morning about short selling and there mortgage is with Seterus. Any thing I need to know about them? Do you have their contact numbers?

Thank you, Mike

I haven't worked with them but Susan has on several transactions. She said that they are generally very responsive. She has never had to escalate any files so all she has is their main number: Seterus-866-570-5277.  They have always been very responsive to emails and phone calls.


Review Appraiser

Red Bell Real Estate

Red Bell Real Estate is seeking a Licensed Real Estate Appraiser to review, analyze, validate and reconcile the data from various valuation products. Appraiser will be working on-site at one of the company’s key client facilities, located in the Dallas, Texas area.


  • Perform side by side property valuation reconciliation using various valuation products, including BPO’s, appraisals, and AVM products.
  • Work independently to resolve discrepancies between valuation products in a timely manner.
  • Consider market trending and market sales influence when selecting comparable properties during the reconciliation.
  • Distinguish inconsistencies that may affect changes or influence the value determination.
  • Utilize outside supporting data when necessary to reach a reliable value.
  • Interact professionally with clients 3rd party providers for any necessary clarification
  • Provide brief and concise written analysis that can be interpreted by any end user or reader, as well as provide supporting commentary for the written an

SOMEthing is going on with Fannie Mae, as I too had a similar experience w/FNMA wanting over market value on a s.s. I'm wondering -- might there be an alternative payoff for them if they foreclose? Perhaps they have a PMI policy that would pay them more after FC than the s.s. payoff would net them? This is all too common of a scenario. There is a Fannie homeowner help phone number: Start at their Headquarters: 800-732-6643. Try asking for a level 2 supervisor.



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