I was talking to a contact of mine at Fannie Mae today and I asked him why the servicers are coming back with such high purchase offer values lately. He said that the servicers are supposed to use the GROSS VALUE (aka as-is value) that is in the Fannie Mae guidelines rather than the NET value to establish the purchase price but some negotiators use the wrong value. Do you'all think this could be the problem? And if so, why wasn't this happening before?
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You might get them to be reasonable by badgering them. Obviously, you haven't been doing short sales. Integrity and honesty is usually a last resort with banks and FNMA. If you have exhausted that route (I assume you have with the appraisal plus the comps), then political pressure is all that is left. Some have gotten local news to do a story on the 20% above value extortion of FNMA and they've buckled. Not likely these days, everyone accepts that banks are outside any moral/ethical codes (thank you, paid off politicians). Contacting your state senator sometimes gets results. I would try that avenue. Nobody is going to willingly take on work, so do a very convincing job of why it is in the senator's best interest to not ignore you and that your cause is just. Welcome to short sales...
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