Just looking for any input on others experiencing the Fannie & Freddie inflated value issues. Any recent updates or solutions?
I have two files right now that that I am experiencing this with, one is a Fannie and one is a Freddie. It is clear they have inflated the value on their end. It's not a BPO issue, its definitely an over inflated counter. In one case they countered more than 50% of what the actual BPO came back at.
I have had my challenges with short sales over the past few years but there was always a reasonable solution or resolution, it's amazing what you learn to accept as reasonable. There doesn't seem to be a reasonable solution with these groups.
I have one I am dealing with right now with an over inflated counter offer. Listing agent of couse fell out of her chair, when the asset manager told her the counter, then went on to explain why that counter was unreasonable. Asset manager said she didnt realize the property has been on the market since 2007 with no other offers. She said she was going to get with her manager but as of about 2 weeks now, we have not heard a peep from her, and the fun begins...
We are having this issue as well. Hole in roof, mold, appraised bank value is $54K. Fannie Mae wants $75K or leave. We wrote to our senator regarding Fannie Mae work ethics and used this property as an example, sent us back a generic letter, then forwarded a Fannie Mae email of how to complain directly via Homepath. Must be in bed together. Have no clue where to go forward from here. We are at a standstill. Bank will not mortgage this property even for $75K since it is too damaged. We are being held hostage in our own jobs. It feels like we are working with a mafia style business. Take it or leave it to foreclose.
I meant the senator and Fannie Mae in bed together (LOL). Per the news Fannie Mae has made RECORD profits. So why should they care about our issues? How are they making all this money? How does one in a hurting market make "Record Profits?"
It's a GSE, there is no one to hold them accountable. Any profit is at the expense of the public, consumer and tax payers. They don't care about our issues but it's not our issues that matter, it's the distressed sellers being dragged through the mud and the buyers paying above market value on Home Path loans. Did you ever wonder why they are the only ones that don't require an appraisal to purchase a home? Appraisals work to protect the bank giving the loan but they also serve to protect the buyers as well. Why do you think they don't care about the borrower defaulting? Think about it, do you see a common trend repeating itself? Just remember all this when it collapses again.
@Raymond: Couldn't agree more!
has anyone tried this?
I have heard of agents using this but I have not utilized this with any of my files yet. I have not needed to take that step as of yet on any of my files because I have been able to get a resolution that was reasonable even on the challenging ones. It seems like I may have to on this one since there is clearly negligence by the servicer and/or investor on this file. I will take the necessary steps as laid out by them and than entertain that option. I really appreciate the link though and would love to hear input from those that have utilized it.
I haven't yet either but going to. I have several Fannie and Freddie files that the counters are so high. I sent the lender full appraisals by the buyer's lender and they don't care and won't even consider them. I was told yesterday by Chase that Freddie and Fannie no longer lets them know what the BPO is as well. Has anyone tried the QWR? If so, did this help?