BofA FNMA COOP

Here's one: BofA/REDC FNMA coop short sale with original price set by REDC with instruction to reduce the price after 21 days, which I did. I emailed the negotiator on day of price reduction with no response. I then emailed team lead who replied within 1 day: "FNMA COOP program does not allow for price reductions and the current BPO does not expire until 6/28." Anyone else run across this and if so, how to work around it? Any/all suggestions are appreciated.

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Permalink Reply by Katherine Muhs on June 1, 2012 at 7:26am

BofA Social Media dept. saw the above post and called me! The caller (I forgot her name) said she'd check into the FNMA coop rules and get back to me, which she did within a day. (Thank you caller!) Unfortunately she confirmed FNMA coops don't allow for price reductions--so if Equator says to reduce in 21 days, double check that instruction before proceeding. She did confirm that we as agents are allowed to reduce the asking price (provided the seller signs the form of course) in order to generate an offer, but FNMA won't necessarily honor that price. Good luck everyone!

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