Thoughts on Fannie Mae's Homepath ShortSale Escalation portal! Are your overpriced counters getting resolved? yes or no

Hi all! Time to check in and register your thoughts about the wonderful portal to fixing nothing...suggested by Fannie Mae!  The reason they've created the "portal" on their HomePath site is because they were literally slaughtered and deluged with calls nationwide from realtors experiencing the wrath of "FIXED OVERPRICING" on ALL Fannie Mae, investor owned short sales!  *Hint...Still think there wasn't a "secret directive" telling the valuation team in Dallas to come in with X amount over fair market value or what any OTHER loan would appraise a property at??? But remember folks, if Fannie makes the short sale fail, and it reverts back to Fannie, then Fannie's Homepath loan is the ONLY loan in the USA, NOT needing an APPRAISAL...imagine that! So they get to PROFIT on 2 angles, 1 in selling the home as a Fannie Mae REO and 2 to profit on the financing by offering the new buyer the HomePath loan, with NO APPRAISAL.

I keep hearing on a daily basis, that 1 out of every 1000 short sales is getting these over inflated counters resolved at all, to come in even near an appraised value...so, here's your chance to tell us your story...or thoughts on the portal...getting LOWER COUNTERS or GETTING FED UP???

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I have a property that is scheduled for auction 4/24/13.  I am so frustrated because I challenged the Fannie Mae value with strong data supporting the ONLY offer after 56 showings.  FM required I raise the list price so that there are no more showings.  Am now lowering price to see if we can get another offer in time to contest Fannie Mae again.  Is there no one in Fannie Mae that can help when the dispute is useless?????

Be aware, FNMA is not "playing" fair. Just because you pay $500 for an appraisal does not guarantee that they will pay any attention to it - they can do what they want. The selection of the "correct" appraiser has been useful with servicers - appraisers that they use have more clout. I doubt you see the same with investors - what does FNMA know about appraisers or care (just a guess)? FNMA's blatant "so what are you going to do about it" attitude suggests that it would be better to fill out a BPO dispute form so you have clear facts/evidence then go to a state senator to have words with them.

However, I actually know of someone who disputed a price through their website and FNMA went along with it - a surprise to me since I figured it was all P.R. to pretend that they are concerned and want to be honest. So, what do I know?

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

We will focus on two important valuation topics: 1) GSE short sale valuation problems and 2) the role of AMCs in the appraisal process. 
The presentation will help you: 
-Understand changes to GSE (i.e. Fannie Mae and Freddie Mac) short sale valuation and escalation processes;
-Identify the role of the appraisal management company (AMC) in the appraisal process;
-Improve issues related to short sale valuations in your community and work more productively with AMCs.

http://www.realtor.org/educsessMid.nsf/allpages/13MYRPValueForum

..You will love this one..Last week I was informed via my contact at Suntrust that the F/Mae's August Appraisal came in at $191k..our list price is $179k is still appropriate to the area so I contested this on HomePath..what a colossal waste of time.

Fannie sent me a brief email/response today indicating their value is now...$230k??? When asked, I was informed that I must contest this again through Homepath website..now this home is overvalued by $50k..Our clients have no auction date..I'm waiting to get an offer so I can start over again through their servicer. Fannie's 'neighborhood stabilization' is a joke and completely wastes time. Starting to re-think any Fannie Mae short sales going forward but I like my clients and want to help this specific client close this before the year-end.

Good luck to anyone thinking of taking on a Fannie S/Sale..

Persistence is important with banks/investors - from the lowest level, they are all happily paid by the hour and you are not. Consider them sociopathic in nature - no heart, all the money in the world and screw you.

Once I had a new buyer, I'd hit FNMA again, suggest that a followup will be with a state senator, and if your servicer is under OCC, a complaint to them. When FNMA gives you the finger, push ahead with solid comps and get your state senator involved. If it is an easy story for the senator to understand, you'll have someone who will apply pressure. Most agents see the loss of time and money and they make the obvious choice to never take another FNMA SS (again, the jerks at FNMA get paid to sit on their butts and are happy to get less for the taxpayer (their real investor) because nobody is defending the investor - its political - so hit them politically).

We did!  It was a hard fight and we went back 3x to dispute their values but we finally won.  We just inundated them with comps, pictures, etc.  We still believe the value is inflated but is now within a reasonable amount of the original listing price and our buyer has agreed to come up to that  value.  We now have Fannie Mae approval and are now waiting for BOA to do their thing and issue us (hopefully) an approval letter.

I will say this time around, I actually have an excellent negotiator at BOA/Equator and he and I are working together to make this transaction happen................I will let you know if we actually close!

I just contested one and it was actually pretty easy.  Took about 4 days and we had our approval letter for the amount we thought the property is worth

Hi Jeff,

Im working on contesting one now-any insight you could give me?

Thank you,

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