Hello, submitted a short sale offer of $75,000 on a FMV house of $75,000. Freddie Mac came back with a net requirement of $117,000 which is a full payoff amount, so Wells Fargo cancelled the short sale. Any chance of disputing this with Wells/Freddie? I can't get anyone to tell me from Wells if this value was based off of a BPO or just a blanket request for full payoff? It's an investment property. Thank you for any advice.
I know how you feel.. I just lost 3 short sales as Fannie Mae did the same thing.. I have tried to dispute what there values are and even turned in my own BPO and they still wont listen to us listing agent.. This has been the most frustrating week...
Freddie has been notoriously doing this. I would bet it's not Wells at all but Freddie that is the problem here. We haven't been able to acertain what the issue is with them or why exactly they are forcing high values down our throats on short sales. Either way - yes you can dispute this with Freddie Mac just call them and tell them that you need to initiate a value dispute. You'll be asked to provide comps etc....
Just a bit of history I did this with all of my ducks in a row and they held on to their inflated value.