Replies to This Discussion

Permalink Reply by Smitty on January 14, 2013 at 7:47am

I think this has been an ongoing problem with Fannie (Freddie IMO too) - With this type of response, I relist at their listing price and then email them every month there are no offers, and then gradually drop and then force them to do another appraisal and guess what??? Suddenly my offer 4 months later which most of the times ends up lower than the original gets accepted.  It's just a waste of everyone's time and loss of money for Fannie and their investors and of course creates a larger deficiency for my homeowner.  It's a joke. 

I know that doesn't help.

Permalink Reply by Jerry A Cook on January 14, 2013 at 8:10am

Having lived through 4 of these 'super rescessions', I understand what the 'investor' is thinking.   They are not leaving any 'money' on the table with short sales.   The market, especially in socal, is improving at a very healthy clip.  The investors know this.  With the limited inventory, buyers need to realize today's 'high price' will be tomorrows bargain, at least through the balance of 2013.   I have one where it appraised at 307, but the market is 326.  Buyer wants the 307,  investor wants the 326 ,    If the market improves, like it did in the past recoveries, we could see 20% or more price appreciation in 2013.  That makes a 207 house 250k by end of 2013.   Makes their 245k almost reasonable.   I did the relist at higher rate and closed at slightly less on another deal middle of 2012.   So go with the flow.  Good luck and much success in 2013.

Permalink Reply by Josh M. Boggs on January 14, 2013 at 8:53am

I've had the same issue for a while w/ FNMA and FHLMC.  I simply re-list at their price, then show the feedback notes (that's if there are any showings, which there usually is not) then submit them a report at the end of the month that there are not only zero activities going on, but here's the other activity and LP to SP ratio that's expected out there.  I'ts VERY frustrating as too many of us know it's simply a waste of time.

However, my experiment is still underway.  If you have a new buyer get a loan through the servicer currently in place; don't wait for the approval letter and have them immediately move to ordering an appraisal; then using that buyer's appraisal ordered through the proper channels is really the item that will set everyone straight.  I've pinned FNMA down a few times on this about can they even deny buyer's appraisal amount and they said they would "always have to reconsider value" in that event.

Permalink Reply by Anna "Banana" Kruchten on January 14, 2013 at 11:11am

Mike we have experienced the same issue in AZ.  It is going on all over the country.  I suggest your client contact your AG's office and file a formal complaint.  That is what we have done with our clients and our AG is working on finding a solution. Sellers need to make some noise about Fannie Mae's position of over pricing homes.  It is forcing sellers into foreclosure as we are unable to procure such high prices - even in a hot market.

Permalink Reply by Sara Pichelmann on January 16, 2013 at 1:24pm

Hi Anna,

 I am on board give the info the file a complaint. Not to metnion they will not allow you to put applinaces in the contract. Short Sales are getting worse not better

Permalink Reply by Donna McClelland on January 23, 2013 at 7:31am

Mike, the same thing has happened to me several times with Fannie.  If you go to the Fannie Mae section of this website, you can catch up on all the wonderful stuff going on with Fannie Mae.

Permalink Reply by Sara Pichelmann on January 23, 2013 at 9:29am

Yes, this is going on for me as well with Freddie Mac, they want 215,000 and apprasial is 190,000

This is just not right.

Permalink Reply by Victoria Frieberg on February 21, 2013 at 2:04am

I am getting ready to submit my first dispute form, as we just received a counteroffer 42K above our offer price.  Buyer is ready to counter, but the nationstar equator message says DO NOT COUNTER.  excuse me?  Do I sent the dispute form directly to Fannie, or to NS via Equator?  I have no idea what their appraisal came in at..and I guess it does not matter if looking at these threads!

Permalink Reply by Donna McClelland on February 21, 2013 at 4:33am

Hi Victoria,

If I were you, I'd send it directly to Fannie, but first, call your negotiator at Nationstar and ask them if they are using the gross or net number for Fannie Mae.  I was told by someone at Fannie Mae that when the servicers come back with completely unrealistic purchase prices, that the servicer is probably using the gross value instead of the net value from Fannie's guidelines.  If NS says they are using the correct number, then send your dispute directly to Fannie Mae.  Good luck!

Permalink Reply by Victoria Frieberg on February 21, 2013 at 5:13am

the email says ", I need a GROSS SALES PRICE of $291,000.00 nothing less"

Permalink Reply by Victoria Frieberg on February 21, 2013 at 6:58am

submitting the dispute to servicer, with a detailed list of prior showing feedback at the old price..before the raised it!. crossing fingers