If you are in a real estate market that is going strong and values are increasing then this applies to you. My reliable sources have informed me that Fannie Mae will counter your offer above what their BPO or appraisal came in at.
As of November 1, 2013 they are instructing servicers to submit all offers to them where the net proceeds are less than what they have required They are stating that they want the sales price to be inline with how their REO's are handled.
They are also instructing BPO agents to give them a 6 month "projected" value and that's what they will counter. So, for example, if a property will appraise today for $250,000.00 and the current market is growing at 2% per month, FM will counter at $300,000. And then you have to go through the value dispute battle through the Homepath website and that could take 3-4 weeks.. Totally ridiculous