FNMA irrational values have become the rule rather than the exception...and not just a little irrational!  One must conclude they don't want to accept short sales any longer.

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I don't know where you are in the country but here in Phoenix the realtors flooded a Ch. 12 RE reporter with similar stories and she featured it on the news!  The well-thought-out rumor is that they want to take them back as foreclosures, re-list them just as high, and gain a buyer who uses Homepath with the NO APPRAISAL!  Sell a buyer a home that they will already be underwater in...genius. 

Hi Rachael~

Did anything come of this ?  I have Fannie Mae backed property that is worth $140K ; we have an offer at $140K.  Fannie say they want 190K! Buyers go through their lender to order the appraisal which is completed by a licensed 3rd party appraiser.  Comes in at $140K.  Fannie says that they STILL want $190K.

ANY help you can provide on this would be GREATLY appreciated!

Other realtors are still experiencing the same issues still...contact resource_center@fannie Mae.com, 1-800-7FANNIE, [email protected], and high-level executives with the servicer. 

if you're not local, band together and expose what Fannie Mae is doing...I plan on now telling them point-blank what everyone in Phoenix is buzzing about...we know FNMA wants to foreclose, overprice these homes, sell to unassuming buyers through the no appraisal Homepath program, and immediately put borrowers into upside-down properties.


For me, the noise that Melissa Blasius from Ch. 12 made to complete her story on my sellers I believe was what did it for me. Even though she said she can't do that for everyone, it was just a side effect of her asking questions and ticking them off.

Kudos to you Rachel.

Here's the recent Phoenix news report about FNMA's crazy valuations:  http://bcove.me/4yrm8ndd

Chris thank you for the link. I am dealing with exactly the same thing in Phoenix. Fannie wants 45% more than the value, almost the same amount the house was purchased in 2007 -with no upgrades made. We have disputed once, and will continue to fight it. Thanks

that's a great video - we need a reporter here in the Tampa Bay area... or we Realtors need to band together...something.  I have another failed short sale - FNMA value $30k over FMV .  what are we going to do???

We are experiencing this same thing in Hawaii. I have a condo that was countered at a higher value of $205,500 from Fannie on the Short Sale approval. The original offer was at $200,000. Unfortunately due to a declining market and the long wait for the approval the buyers lender appraised the property at $190,000. I requested a re-evaluation from Fannie, they ordered another BPO and came back with $205,000. Although it is not such a large delta it definitely is a problem when the are evaluating properties above the market on short sales. Why would anyone want to pay above market price?  We are now attempting to go back to the appraiser for an update to the appraisal since we have a new comp in the building that might help the buyer get a loan. Hoping this one can sell before it goes to foreclosure.

Hi Rosa,  I just encounterd something similiar on the Big Island. Have a BOA coop short sale with a suggested price of $235,000.  Submitted an offer at $235,000 and after a month heard back that FNMA market price is $246,750.  Was told that FNMA had ordered a 2nd BPO even though the first was only 2 months old.  Was also told that the new value was the price FNMA wants. 

Fannie mae strikes again in Phoenix. They want $40K over what home is worth.  I just emailed Melissa Blasius @ 12 news to see if we can't get something more going as it's getting more ridiculous as the weeks go by.

There are a couple of threads in this and at least one other forum, you might copy some or point the TV people to them so that they have more to work with - give them more depth to their story.

Joe thanks.  I've been in touch with the Attorney Generals office today and just today there were 6 more complaints about the fannie mae issue.  I will be writing a blog post about it on AR and getting out the action needed by AZ agents as well as other agents around the country - per  AG suggestions. 

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