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.

Views: 4585

Reply to This

Replies to This Discussion

How! Tell us your secret!

No secrets.  Just never give up.

A side note.  Know that you're going to have to go behind the Servicer and the Investor to check and double check their work.

Kevin-

On 8/6, Fannie Mae said we would have a decision in 5 days. On 8/8, they ordered a new BPO which was completed 8/9. We have yet to hear anything since then. Any suggestions ?
8/26 and stillno reply...time to give up? How can I get their attention

Really?  Email your contact person with your Fannie Mae file number.   We disputed a value with Fannie Mae on 8/9.  They did a new BPO and came back to us with a much more reasonable number five days later.  We listed the property at the preferred Fannie Mae price and now have a cash buyer that just went to contract.

I kept in constant contact with my person at Fannie Mae.  She was very reasonable, answered me promptly and kept me updated on where they were in the process.

me too.  they had countered at 173000 when the highest sale was 118000.  i disputed through homepath on 7/30.  they responded on 08/06 then i received a call from wells fargo escalations letting me know they came back at 136500.  then on 08/13 fannie responded with 130.  i received an offer for 130 cash within two weeks and submitted.  

well see how this goes though because wells immediately responded with "suggested list price of 173" to which i sent them fannie mae's email with the 130 and they responded "bpo is expiring 09/03.  a new one will be ordered!"  so we will see!  :-)

Yes. We have been checking on the status daily. The new BPO completed 8/9, received email from homepath on 8/15 that we would have an answer within 7 days...today will be the 7th day. Listing agent said he had a great convo with the valuation specialist who performed second BPO, so we are shocked that we have not heard.

I have a ss that is a fannie. started 18 months ago. I am a broker and have negotiated all my short sales since 2009. Every one has closed whether they were current on their payments or behind. Original offer was 170k supported by a full appraisal I paid for myself. The servicer who I won't name S_ t_r_s came back asking 20k more. The buyer came back and said ok at 190k The bank approved it but did not give us enough time on the approval. I requested more time.They said they would have to send it in to Fannie Mae for approval. They came back and said they needed to do another BPO. They did and raised the price to 210k. The buyer could not qualify as I had told the servicer that the FHA came in at 200k and the buyer did not have mopney to come in with. I sent in another ALL CASH OFFER at 205k and when the buyer got back to me after he had his forman review the property to see how much money they would have to put into it he asked me to send in an addendum offering 200k. I did this and waited 10 days as this is how long they said it would take to hear back from Fannie Mae. I waited and called and the servicer said that Fannie Mae wanted 230k now. I looked at my emails that I sent him and he sent me using Symantec and noticed a lot of my emails had been deleted. I told him I wanted an answer that day what had happend to them and if he had ever sent in my offers and counter offers. I told him I wanted Fannie Maes number direct and that I was going to call on him. Funny that day he emailed me and said the lender accepted out offer for 200k cash and would have the written SS Approval the next day. Which happened. Bu the way he told me before that Fannie Maes new appraisal had come in at 210k just a couple of weeks ago. Irealize that the servicer is making the calls on these and Fannie Mae is unaware of what they are doing. Go to Homepath.com and then to short sales and file a complaint or talk to someone direct. AMAZING ISN'T IT

Same servicer mentioned above. Maybe they are part of the problem too? Our negotiator has been MiA for a week now

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. 

This is unbelievable. Obviously if they want 275 gross offer, they will not accept anything less. about ready to walk.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************