We have a short sale approval, and the appraisal came in several thousand low. According to the negotiator, it must be resubmitted to Fannie Mae for an entire new approval process, approximately 6 to 8 weeks.
Does anyone know if there is any way to circumvent this? Is Fannie Mae likely to approve at the lower price?
There is MI on this file.
The buyer is ready to go to docs and close, but we need to get a revised approval based on the appraisal. Based on the most recent comps, this appraisal is reasonable.
Additionally, the approval is set to expire in just a few days.
Any suggestions would be appreciated.
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