I recently received a denial of a fnma short sale serviced by BOA, the file was in the old system for well over 6 months with 6+ BPO's completed throughout the 6 months and the file continued to move forward in the process. When the last BPO that was ordered and completed I personally met with the agent and confirmed the BPO value she was submitting was identical to the purchase price of the current offer, it's a fair and realistic offer. The file was approved for "fannie mae streamline" prior to this last BPO. The file was denied and closed with no counter-offer within a week of the BPO. File was not assigned to a negotiator at the time of denial, i was told it was a computer generated response. My question is 2 part. 1. Could it be possible this offer was denied and closed so that I would resubmit through Equator? Do you think this is part of a clean up process in transitioning everything to Equator? 2. I have heard that Fannie Mae will deny the short sale if they do not reach an acceptable net with the offer, where it may be more beneficial for them to foreclose. Any knowledge of this situation? Is it ever beneficial for an investor to foreclose versus take a short sale when the offer is at market value?
I resubmitted the same offer via equator along with 5 comparable sales to justify the sale price. I am awaiting assignment to a negotiator and no BPO has been ordered yet. Is there anything else that I can do to fight this denial?
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I also had one denied from the old system and a foreclosure sale date was then set. I called and asked why? They said offer too low. It was a market value offer! I resubmitted the SAME through equator and received a counter offer 10 days after input (they already have the appraisal). The only thing they countered was HOA transfer fee of $599. I pushed the accept button! The foreclosure sale has now been postponed.
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