Replies to This Discussion

Permalink Reply by joe beauchamp on August 1, 2013 at 3:57pm

I guess your 5 yrs have not included freddie or WF? Their apparent incompetence, delays and stonewalling are very typical of both. And if you are saying that it took you ONLY 2 months to get from putting in short sale and getting some result, that is a whirlwind with WF, usually -- not exactly something to complain about.

You may have skipped facts to be brief, but if they said they wanted $X and you offered $X-Y, then your answer is you were denied for insufficient offer, right? (I don't know why they would not have said exactly that.)

I feel that you did not do a value dispute the first time Wf rejected your offer. If not, I think that in their eyes, you felt that their price was good. Then you raised the offer, again, no value dispute so they think you are playing used-car-salesman and said no, again. You haven't laid the groundwork for the value of the property and that your buyer's offer is a very good one. If this is the case, you are behind the 8-ball to bring it up now. You've already stretched your buyer to the limit and it is much harder to get Freddie to agree to a number as opposed to lowering theirs some.

If you have done a value dispute, do another. Unbelievably, I did 3 in less than a year on 1 file and between freddie and the bank and people not knowing what was going on, they actually forced me to do 2 more - 5 in less than a year - and all with solid comps!

So, value dispute is saying "our offer is good and you have something wrong with your system", assuming the price is why you were denied. And this would be made weaker if this is the first you object to the price with facts. (And I've found you have to cram and cram to get freddie to look at them, but eventually, they often will.)

If they seriously are denying your and refusing to give a reason, and it isn't the obvious that you refused to meet their price, maybe a state senator can help. Your situation has to make sense to him and it doesn't sound compelling to me at this point, you know? This is the last ditch effort that I can think of. OCC and others are slow or turned around by the banks so won't be helpful.

I can't think of anything else that might help. Good luck! (we all seem to need it..)

Permalink Reply by Tracy Royce of Real Estate on August 19, 2013 at 7:26am

We've been having the same things happen a lot here too. I saw your post Deidre and thought you might be interested in tuning in this thursday to a radio show I host that is all about the distressed market. This week we'll be discussing Freddie Mac, specifically.  http://royceofrealestate.com/freddie-mac/