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.
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Raymond,
I have noticed that FNMA has been a lot better about this lately and i have not noticed them doing this as much as Freddie Mac as of lately. With FNMA you usually get 3 counters in Homepath before they ask you to dispute the value if you don't agree with it.
I like to counter them twice at the same amount to see how low i can get them without coming up on the offer at all.
Freddie Mac is another story. Freddie Mac Countering Above Market Value is nothing new and still happening to me on some of my deals with them. The first thing i do when this happens is dispute the value before countering to see if we can get it even lower.
A lot of times when you ask why the Investor is countering above the Value they obtained on the property, the Negotiators, processors, and other Bank Representatives will be just as Baffled as you are. Only Freddie Mac knows why they are doing what they are doing, everyone else is just along for the ride.
it may be as easy as countering back at the same amount( if offer is either at Value amount or within 90%) and calling Freddie’s Bluff. Its even easier when you have a finance buyer because you could use the buyers lenders appraisal and the risk of that not coming back at the approved sales price/counter Freddie is asking for as a negotiation point.
So did the attorney resolve this fraud issue?
Anybody have the results to this lawsuit?
Thanks!
Looks like Fannie Mae Short Sale Guidelines haven't changed. They just hit us with an over priced counter. We're going to have to take out the big guns (reports, appraisals, bids, etc.),
I'd say wish us luck but we've got this!
We've been seeing them pull these types of Fannie Mae Short Sale Requirements for years.
I am in the process of sending in a dispute today. Fannie is saying that the property is worth $260,000. This would be the case, if the house was in pristine condition. The negotiator (Wells Fargo) highly recommended disputing the value, because of the large gap between the recommended value and buyer's offer. I am submitting the dispute with a copy of the home inspection, comps and the following: Mold is growing throughout the interior of the house on the walls, ceilings and floors. The main water valve and copper pipes are missing, copper air conditioning lines are missing, holes in the walls, damaged carpet, flooring, damaged cabinets, water damage on cabinets, damaged appliances, damaged windows, damage to the exterior: siding, roofing, garage doors, trim, concrete & doors.
http://www.homepathforshortsales.com/contestvalue.html
I'd suggest including photos of the damage and bids for repairs. Good luck!
Is anyone having any forward movement on these issues? My Fannie Mae issues are only getting worse as the year goes on. Now EVERY Fannie valuation is overpriced, and disputes don't seem to have much affect. If they revise their values at all, they don't do it by much and they reject even within 10% of their BPO value.. Its to the point where every one of my Fannie Mae files is currently in some mode of decline or dispute and not moving forward.
This can't be working out well for Fannie...foreclosure never produces a higher return...I cant imagine how much longer they can keep this going.
Who is the negotiator at S_t_r_s? Are your emails being run through Symantecs?
newest update, this is getting ridiculous. for the past month and a half, all we have heard is "in the next 7-10 days", then we get a bit further, and again get "you should hear in the next 7-10 days"
The appraisal the seller paid for came back at $241K. This was submitted to FM. FM replied yesterday that they want a gross offer amount of $275K to close. Our original offer was $225K. We are willing to pay the $241 appraisal value but NO higher. The lawyer on this SS sent info to Seterus who said that their negotiator does have these results and will be submitting the file to Fannie Mae to see if they will accept our offer. This process takes about 7-10 business days to hear back from Fannie Mae, once the file is submitted.
who are you waiting to hear from the Servicer or Fannie Mae?
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