Need a bit of help understanding

I had my offer accepted on a short sale home last Nov 2015, in Chula Vista, CA for $386k the home s serviced by Navy Fed and owned by Fannie Mae, after 4 BPOs they came back with $440k that has two loans combined at $425, I countered with $400k, in which the came back with $435k during this I decided to spend the money and get an VA appraisal which came in at $390k, which was submitted back to FM, what are the chances they will accept the appraisal and approve the amount from what I'm reading FM can be very difficult

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Permalink Reply by Short Sale Superstars LLC on March 25, 2016 at 3:43am

There is no clear answer, but with FNMA finds the appraisal valid they will consider lowering their value. They may or may not lower it to the VA appraised value. The fact that you got a VA appraisal is a benefit as it likely carries more legitimacy than a standard appraisal that isn't being used for financing purposes.

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Permalink Reply by Michael on March 26, 2016 at 5:38am

Hi thank for responding, we have submitted the appraisal, I guess that wait continues

Permalink Reply by Michael on March 26, 2016 at 5:37am

hi Thanks for your response Navy Fed is the servicer on both the 1st is $380K the second is 45k

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