Fannie Mae - GreenTree

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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Replies to This Discussion

Permalink Reply by Katerina Gasset on May 6, 2010 at 2:19am

Not only Fannie will have to approve but also the MI, they are the tough ones. Much of it depends on whether MI has paid out already or not. If the servicer does not have delegation authority from Fannie to approve the offer, it has to go back to Fannie.

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