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This happened to me also. I countered back 2 or 3 times via equator and the last time received an email that they were closing the file and they DELETED it from equator. I had it escalated to their "fast track" desk and the woman there got it immediately back in the system and re-assigned back to the negotiator who issued the 1st approval. It's at the investor now for final approval at that originally approved price. It was the woman at the "fast track" desk who recognized the absurdity of what was happening. Prior to my discussion with her the 2nd negotiator never replied to my emails asking how they could counter at a higher price than what the already approved 3 weeks prior. Don't give up.
I'm had an approval last year at $250,000. Have $258,000 offer in now and BofA says that FANNIE says its worth $340,000 -after supplying an appraisal that shows value at $250,000 . Sent letters to CEO of BofA and Fannie 2 days ago and contacted Resource Center at Fannie.
Fannie just calls me and says file won't be escalated above a Level 2 because there isn't a sale date in the next 5 days. Fannie guy tells me that even if we got 5 new BPO's at $250,000 that they are only going to take the $340,000 BPO !!!!! WHAT?!! They approved this last year at $250,000. I talked to him for 20 minutes - round and round in circles - and he says he couldn't escalate further. Local congressman tells me he can't get involved in contract situations. HELP! File to be shut down in Equator today !!!
I'm sick to my stomach ...
The BoA rep that was in the other day described a story exactly like this. He handled the file and even at his level he could not get them to listen. There is something wrong here that this can happen. Their is no logic to it at all. The presenter/manager said that Fannie Mae and Freddie Mac stick to THEIR BPO's regardless of "reality". It is frustrating. At the same meeting he told me, "You can't win them all".
OK, but when we do EVERYTHING right, bring in the correct offer for market value it is still turned down. I am beginning to wonder what is in the works behind the scenes just now. I think that the bank and/or Fannie and Freddie don't want to take anymore losses this year to keep their investors happy, OR there is something in the works where the banks are going to handle their distressed properties outside of short sales. I believe the later as nothing was said up staffing Equator with more negotiators or cleaning up their system. To me, that in itself speaks volumes.
I think there is nothing you can do. Even if you had the CEO intervene, Fannie and Freddie are doing business as they please...We can write our legislators and ask them to draft laws for Fannie Mae and Freddie Mac similar to HAFA and HAMP for non-FM loans...I did that yesterday.
Julia Fishel said:I'm had an approval last year at $250,000. Have $258,000 offer in now and BofA says that FANNIE says its worth $340,000 -after supplying an appraisal that shows value at $250,000 . Sent letters to CEO of BofA and Fannie 2 days ago and contacted Resource Center at Fannie.
Fannie just calls me and says file won't be escalated above a Level 2 because there isn't a sale date in the next 5 days. Fannie guy tells me that even if we got 5 new BPO's at $250,000 that they are only going to take the $340,000 BPO !!!!! WHAT?!! They approved this last year at $250,000. I talked to him for 20 minutes - round and round in circles - and he says he couldn't escalate further. Local congressman tells me he can't get involved in contract situations.
HELP! File to be shut down in Equator today !!!
I'm sick to my stomach ...
The reason why you are getting that is that some negotiators are better then others. They ask for everything to see what they can get. Counter back and say $0 cash and $0 note. and See what happens if they say they cant move forward without those then escalate because you know they were willing to do it without it. Also, you can get it approved at the same price as before, just counter back with the price the buyer is wiling to pay. They are not in a good position because you already know what they are willing to do. Remember stay firm, and if the negotiator is sticking to what hes asking for simply escalate.
Yosuf - I have the same issue and the original approval was for $30K, the buyer walked by the time the approval came because the A/C unit was stolen. New buyer and now they want $12K more. After going back and forth from $40K to $28K(new offer), they sent me (through Equator) the amount of the offer - we agreed to it, then 4 days later I get a counter-offer for $36K. Countered back at $28K and today I get a new counter-offer for $40K, and a response saying she(the negotiator) is not sure who keeps changing the numbers but they want $40K. Called the Executive offices and they were of no help. Any suggestions, it will be greatly appreciated.
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