Comment

Comment by Katerina Gasset on February 27, 2013 at 6:17pm

@Catherine Gheen- That is artificially inflating the values. That is exactly a big piece that created the bubble and bust here in South Florida. Fannie Mae can try to set the market but that is manipulating markets. What really gets me about this is that they are telling appraisers what the values have to come back at. That is exactly why they took away Chase's delegating authority for appraisals a few years ago. 

They created all these rules and laws keeping us agents away from appraisers so us 'terrible agents' would not try to manipulate the appraisals. They made regulations that the mortgage lenders are not to talk to the appraisers so there is no artificial pricing. Yet, they go and do the very thing they accuse others of doing!  

Comment by Katerina Gasset on February 27, 2013 at 6:11pm

Thanks @Deidre St Romain. I almost named by second daughter Deidre. Love your name! 

Comment by Deidre St. Romain on February 27, 2013 at 2:19pm

Amen Katerina!!  Hear hear!!

Comment by Katerina Gasset on February 27, 2013 at 2:13pm

@Elizabeth Weintraub: We are adversaries but we are not in the way that Fannie thinks we are. We are adversaries because we are on the side of the homeowner, that is who we are under a listing contract with. And Fannie is not on the side of getting a short sale closed. Their goal is to own the properties. It is much easier for them to package a bunch of properties together and sell them to investor pools than to do short sales. It is much easier for Fannie to do DIL with NO short sale at all for the homeowner and then there is no selling the house, they just turn in the deed and get to walk away. No agent involved. No agent to pay. Just them and Fannie. Then Fannie can inflate their prices and their portfolio and cook the books some more to get more tax payers money to keep them afloat when they should have met their demise years ago. :( 

Comment by Jan Sanderlin on February 27, 2013 at 11:17am

Thank You Catherine for the links...All that we can do is fight the fight. 

Comment by Catherine Gheen on February 27, 2013 at 11:11am

I also emailed in my sales comparables that represented the actual market and provided the DOM to Fannie Mae.

To me these false values are trying to prop up the market, but if Fannie Mae is originating loans without appraisals-then in essence they (Fannie Mae) are setting the price not the market.

In my area in the last 8 months prices have gone up in some parts 110k that is not real.  The market value has not really increased that much just lack of inventory push buyers into a feeling this is their only option.

Comment by Catherine Gheen on February 27, 2013 at 11:08am

If you guys go to www.cfpb.com there is a link to post a complaint.  Your seller must write a letter, sign and date it asking for them to investigate.  Otherwise they will do nothing.

Same thing Fannie Mae has a new link on their website to post a complaint.  They have a new short sale escalations link.

http://www.homepathforshortsales.com/#agents

http://www.homepathforshortsales.com/#agents">they have a help desk to oppose the values.  Also I followed up with the actual agent that performed the BPO and asked what their instructions were.  Each agent confirmed what they were told to do.  I listed this information in my complaint.

Comment by Pamela Walsh on February 27, 2013 at 10:27am

Please share with me also at [email protected].  We are in Idaho; however our only problem short sales are with Fannie Mae and their ridiculous values!

Comment by Keith Maahs on February 27, 2013 at 10:24am

BPO came in too high? YES

Agent ignored my input on comps in the area? YES

BPO agent used comps outside the neighborhood? YES

Agent ignored REO and Short Sales which ARE predominant in the market? YES

Check, Check, Check and CHECK. Man what a nightmare. My short sale which has Fannie Mae as the investor on the loan came back at $169k and our offer that we finally received was at $129k. Funny...Fannie Mae has an REO foreclosed home for sale 8 houses away, same size, same style, same year built for $159k AND its been for sale for 155 days and THEY CAN'T sell it at that price! LOL  

Comment by Jan Sanderlin on February 27, 2013 at 10:01am

@Catherine...please share the website that you used for both.  I have a short sale that was appraised at 230k and FNMA came back with a requirement of 289k.  Sounds like 60k to me.  Three homes in the same neighborhood a block apart sold for 230k.  This is not rocket science!!!  Thank you...you can email me directly at [email protected] as well!

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