THIS ARTICLE IS FROM NAR
Beginning in the latter part of 2012, a number of REALTORS® across the country reported that Fannie Mae had started jeopardizing short sale transactions by requesting purchase offers at significantly higher prices than market values. REALTORS® continue to report that Fannie Mae’s actions have led to a decrease in the number of Fannie Mae short sale transactions, an increase in the number of borrowers going through foreclosure producing further negative effects on surrounding property values.
NAR remains concerned that Fannie Mae’s recent short sale policy changes could significantly increase the number of borrowers ending up in foreclosure and hamper the success of FHFA policy changes to Fannie and Freddie’s Standard Short Sale processes. NAR will continue to work with our state and local associations, the GSEs, and FHFA until fewer borrowers end up in foreclosure when a short sale could have been completed, benefiting all parties to the transaction.
NAR encourages REALTORS® to submit problematic transactions on for escalation review to www.homepathforshortsales.com.
Tags:
Hello Everyone -
So far, NAR petition and Whitehouse Web petition are having NO EFFECT on these crooked folks.
Short Sale in Aquia Harbor, Stafford, VA - 30 miles south of D.C. Beltway. Old, raised rambler, no basement, no upgrades, but overall good shape. Home next door sold in November 2012 at $165k, same house. Original contract $169k. FNMA kicked 2 previous contracts back, asked for minimum of $185k. We got a 3rd contract at $185k, and they upped the counter to $220k. We disputed on Homepath website direct with FNMA. More than 21 other comaparables, (see attached valuation dispute) disqualify their $220k counter.
After dispute was reviewed, here's their answer:
The only 2 short sales I could NOT get approved due to hugely over inflated BPO's which forced buyers to walk were FNMAE owned notes. Happened 4th Q of 2012..I no longer take them. Why beat a dead horse?
I used to do BPO's for Fannie as an REO agent. When I would turn in my BPO and value.. every single time.. they would come back and tell me I had to replace my comps with the comps they found (even if the comps they found were not within their own specifications they required agents to use to find comps.. it was amazing to me). They would refuse my BPO if I did not adhere to their demands. Every single time.. I fought them.. and won.. I showed them that they were asking me to be fraudulent on my values and I wouldnt do it.. and I would report them. A BPO is a Broker Price Opinion; but for some reason they felt that they should force their opinion to become mine. I asked them why even hire me if they are going to dictate what I do.. just one of my many "Fannie = fraud stories (I have many).
I'm trying to do more research on this.
when I listed a short sale in a very rural area in December, Fannie immediately asked for access for an appraisal, not bpo. would not disclose value. the home had been on the market over a year at a very high price while the owner struggled to make payments and kept thinking they may clear it. The listing agent was sellers family..and they finally said 'call a short sale agent' and get this done...Fast forward, I get a very good conventional offer..and months later a ridiculuous counter from NS for $291K. Valuation dispute entered, my cma shows the home actually has new sold comps closer to it in location and acreage..which drop the value! Homesteps denies, and keeps original 'appraised' value. cancellation signed last week.
Does anyone know of any further progress with this issue?
I just used the homepath site to dispute a grossly exaggerated value - however it provided absolutely no relief except for Fannie to uphold their bizarre value. Even the factual information they have about the property is incorrect ( ie they are valuing it with a garage - there is no garage etc) ...but they don't care.
can i ask how you found out how they are valuing? they will not tell me any information about the appraisal or how they came to the value on it. I even sent them in the listing history of the home replete with all showing comments from the buyers agents.
I am a buyer and listing agent forward email from GREEN TREE tell us file under review and appraisal value
came back at 177K ( we offered 161K). The said will check if we will get the counter
I would encourage any and all to attend.
Fannie Mae Short Sales and Working with AMCs: Real Property Valuation Forum
05/14/2013 | 1:00 PM - 3:00 PM
Location: Marriott Wardman Park Hotel, Thurgood Marshall Ballroom NE
http://www.realtor.org/educsessMid.nsf/allpages/13MYRPValueForum
How did it go?
send an e-mail to [email protected]
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.