PLEASE HELP ME....BOA VS FANNIE MAE....HUGE DISCREPANCY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
- PLEASE PLEASE HELP!!! My name is Lisa and I have a huge problem with BoA and this file. The loan is a Fannie mae BOA loan with no Mi on the loan. The contract came in at 215k. BOA ordered two bpo's. They both came i around 218k and 220k. I was countered by the negotiator at 215k. I accepted the counter and she also verbally told me that she would send me an approval soon. I waited and waited. I then finally received another counter from her. THis time it was at 275k. I was floored. I called and she explained that for some reason FAnnie mae did a mid transaction value. There is no way that that value is correct. I emailed and called every vp and manager I knew. THey all agreed with me and also agreed that it was totally weird and not fair. Two of them have come back to me explaining that Fannie mae will not budge. I have called Fannie mae and they keep telling me that they have nothing to do with it. i told them that any appraisor would agree with me. There is now ay that that property will appraise for 275k. I hav exhausted all my resources. I am so frustrated and i have no idea what else to do. They have basically told me that they understand but that there is nothing they can do because the fannie mae rep wont budge whether i order a full appraisal or not. I sent comps and they won't even look at it. IS there any advice anyone has? I have contacted all the managers that I can...i even cc'd David sunlin but there is nothing happening....buyers do not want to buy a property that will not appraise....please help!!!
Replies to This Discussion
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Permalink Reply by Larry Izenberg on
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Hi Lisa - you must send in your own bpo and tell them, again, that you want their bpo reviewed. Also, ask them who their Fannie rep is. You should continue to call and email up the chain telling them that your buyer is thinking of backing out because the buyers appraisal is nowhere near their 275k value. I hear your frustration.
Larry
www.weprocessshortsales.com -
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Permalink Reply by Nicole Borsey on
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I would definitely demand their FNMA Rep's info. Aside from that, I haven't a clue what else you can do. Sorrry.... :( So frustrating!!!!!!!
Nicole Borsey
www.thepropnet.com
www.nicolehelps.com -
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Fannie Mae is a government owned entity and has complaint line. They would claim to be accountable to the public. If you live close enough to drive there (virginia suburb of D.C.) you can walk in and ask to speak with someone. I know it worked at least once. I would focus on the Fannie Mae refusal to be transparent and open, not on the specifics of the appraisal.
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Permalink Reply by Jeff Payne on
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Escalate, escalate, escalate. Get on the phone, and email and do not stop until someone from FNMA talks to you
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definitley!!! I have been doing this since last week!!! I will keep you guys updated.
Larry Izenberg said:Hi Lisa - you must send in your own bpo and tell them, again, that you want their bpo reviewed. Also, ask them who their Fannie rep is. You should continue to call and email up the chain telling them that your buyer is thinking of backing out because the buyers appraisal is nowhere near their 275k value. I hear your frustration.
Larry
www.weprocessshortsales.com -
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So frustrating...they won't give me the fannie mae rep's contact information. Also, i have placed a call into fannie mae. I will keep you guys updated!
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