Fannie Mae Owned and B of A Counter Offers are Absurdly High
I have a buyer's agent who has brought a good, cash offer for my short sale listing built in 1921. Bank of America has countered twice, and is wanting much more than the home is worth. I have requested another BPO or appraisal, but the negotiator responds that she is working with the valuation of 'the investor' and this is all she can do.
I have submitted photos of the actual home such as the ones below through the Equator System trying to get our message across about the home's deteriorated condition, but it seems that B of A would rather foreclose than accept the cash offer of $190,000 we have for this 1500sf home.
Seller has received a foreclosure date of May 21, 2010. Any suggestions to get this bank to face the reality that I HAVE gotten them the best deal they are going to see on this property? If not, the buyer is likely to walk and the foreclosure will take place.
Rotten Bathroom Floors with Crawlspace Showing Through
Rotten Woodwork and Railings
Missing Ceilings/No Insulation in Half the House
Replies to This Discussion
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Permalink Reply by Lori Young on
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Go on Equator and write a message. Copy all parties in the "to" address. Write your concerns and then call Fannie Mae at the Headquarters. Ask for them to investigate this file and have them respond directly to you. Also call Bank of America Headquarters and ask them to look into the mishandling of your file.
They rely on us to be the experts but somehow a few are slipping through the cracks. You should also have the borrower call as well and make a complaint.
Good luck. -
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Permalink Reply by Teresa King on
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Lori, where can I find B of A headquarters phone number?
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Permalink Reply by Jeff Payne on
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As much as we scream about BofA, we need to attack Fannie and Freddie for their impossible guidelines and values they place on these properties. I am fighting one right now. Had approval for a net of 1390000 on Feb 26, buyer walked, now all of a sudden Fannie needs to net 159,000 on a condo that is worth 160,000 at best
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Permalink Reply by Sherry Wheeler on
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I've had the exact same problem. I googled the top execs emails, sent out 12 & got a response. He emailed me and asked for comps to support my contesting the appraisal. Yesterday I received a call from the appraiser to tell me they did contact him & he sent back verbage agreeing with my FMV. His original appraisal does state "due to deferred maintenance ..." but they ignored it - only looking at the numbers on how the form is filled out. I have heard from someone else whom is expediting my case and submitting the request to postpone the auction. I'm anxious to hear back from the results of the appraiser's recommendation to them.
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Permalink Reply by Alan Remigio on
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Heyyyyy....that's my house!!! That hole is a working toilet!! Just kidding, Teresa. I apologize for my crass humor, Lori has a good suggestion. It's important to communicate, immediately, in writing, your concerns, especially to everyone concerned and more.
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Thanks Lori.
I just left a message for a return call with Fannie Mae. Here is the contact phone number:
Fannie Mae Consumer Resource Center Department 1-800-732-6643. They transfer you to Level 2 where you may have to leave a message. -
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Permalink Reply by Katerina Gasset on
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It is NOT BOA on these Fannie and Freddie Files! You need to go after FANNIE! They both are out of control and WAY too big! Fannie and Freddie had also removed BOA's delegation authority. So BOA hands are tied when it comes to Fannie who basically acts like a government office. You need to get to your congressmen and woman and have them contact Fannie. We have had good luck doing that.
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Thanks, Katerina. I am willing to contact every possible person who can assist us with this. Great idea!
Katerina Gasset said:It is NOT BOA on these Fannie and Freddie Files! You need to go after FANNIE! They both are out of control and WAY too big! Fannie and Freddie had also removed BOA's delegation authority. So BOA hands are tied when it comes to Fannie who basically acts like a government office. You need to get to your congressmen and woman and have them contact Fannie. We have had good luck doing that. -
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Listen to this advice, I agree with Katerina 100%. Bank of America is servicing these files and Fannie and Freddie are screwing them up! It is time to get after Fannie and Freddie
Katerina Gasset said:It is NOT BOA on these Fannie and Freddie Files! You need to go after FANNIE! They both are out of control and WAY too big! Fannie and Freddie had also removed BOA's delegation authority. So BOA hands are tied when it comes to Fannie who basically acts like a government office. You need to get to your congressmen and woman and have them contact Fannie. We have had good luck doing that. -
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Permalink Reply by Tim Harrison on
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So does anyone have any Freddie management contacts so I can help a short sale move along? It's been almost 7 months now. I've gotten BOA to move through various formal complaints but I agree I think the problem is with Freddie in my case.
Thanks for any help. -
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Permalink Reply by Kylee Roe on
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What are the website url's for looking up a loan to see if it is Freddie or Fannie? I'm having the same issues. BAC wants 325K, the buyer already had it appraised...VA LOAN!....at list price of 310K. Sent a bunch of info to BAC regarding value--comps, value erosion, etc. They seemed to ignore that and just countered me back with same ol' 325K.
thanks
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