2nd denial based on value - Wells Fargo Fannie Mae
UPDATE: I have great news! I appealed the value with Fannie Mae a second time and they reduced the value. Then I submitted a new offer to Wells Fargo and we just received an approval letter 2 days ago! Brenda L. Wood, thank you for sending me a sample of your last appeal. This helped tremendously. I included a CMA with notes that broke down the cost of each home per square foot. I also included all of the feedback that I received from other agents. Most of them referenced the home being overpriced. I even included a screenshot of Zillow's zestimate of the home! I also included the following files that I had included in the first appeal: repair estimate, inspection report, comps and photos with descriptions of damage. I hope this information helps anyone other agents dealing with valuation disputes.
I have a short sale listing that is getting low offers, because of the condition of the home. Everything that can be broken is broken and there is mold everywhere. The Wells Fargo investor continues to reject the offers. They want $50,000 more than they highest offer that we have received. I just submitted my second appeal with Fannie Mae on http://www.homepath.com/. The first time they agreed with the investor on the value. They are disregarding the condition of the home. The appeal included sold comps of similar properties that are in the same condition, licensed home inspector's report and a repair estimate by a licensed contractor. History: It was a rental property and one of the owners passed away which created a loss of income. The spouse qualifies for the hardship, but the bank is not being realistic about the price.
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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get a market value offer, submit it and get them to update their appraisal. provide all the information you have to the appraiser regarding the condition.
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Permalink Reply by Maria Strong on
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The market value in the current bad condition or the market value in good condition?
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as-is.
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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Submit pictures of damages
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I did that the first time. I just received a message from HomePath today in regards to the 2nd (current) valuation dispute. They are giving me the opportunity to send additional files. I am going to send everything that I have, including pictures.
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Permalink Reply by Tony and Robin Pickett on
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Has Wells ordered just 1 appraisal? After 60 days, they can order a 2nd one. When the 2nd one is ordered, give the appraiser the info you have including the inspection report and as importantly, the listing history and showing/feedback activity. Regarding your appeal: did Wells submit a variance to HUD? I would open my own ticket through the HUD National Servicing Center about this and provide them your appeal info directly. I usually write up a 1 page summary with all the factors regarding the value including the listing history (showing days on market and any reductions), list out each offer received, and the showing and feedback report. I have found this info can be as compelling as comps.
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Permalink Reply by Wendy Smith on
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the borrower may request a copy of the appraisal - the servicer might kickback on this, and you may have to insist, but when it comes to value disputes with either VA or FHA it always helps to see the appraisal.
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yep.
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Permalink Reply by Elizabeth Monje on
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Hi I was wondering if you could help me out. I am stuck with a SS with BoA.They are telling me that there is a second mortgage with HUD which I veryfied thru title search for almos 9K, Negotor is telling me she will request variance because the appraisal was less that the contract ( appraisal was for 75K and the offer is for 80K)I asked if the variance was for the second lien with HUD she said NO, is two different things and I am really confused I dont know who to contact for clarification, would you be so kind to help me out?Liz
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Permalink Reply by Brenda L Wood on
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Liz, you may have figured out by now... I am just seeing this post...
The HUD lien has to be paid off. The variance that the negotiator is referencing is for the first loan payoff to be reduced by 9K so that the HUD lien can be paid.
Good luck!
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When I've had to appeal, I include a detailed chronological feedback log showing each showing and the buyer's/agent's feedback along with what was the result of the showing; i.e. offer or no.
Be sure to get an estimate on the mold remediation and type of mold - and how that has affected showings and offers. Also, pictures of EVERY single deficit in the home. I would also show three or more comps - again with pictures - that show the condition of homes in the price range that they are insisting upon. In other words show them what $50K more would actually get the buyer (I also like to highlight price per square foot in all these cases). I used side by side comps with features and details of the comps highlighted in yellow that my short sale did not have. I think you are in Maryland... not sure you use the MRIS system, but if so I can send you a sample of my last appeal pulled from the MRIS. If you want I can email them to you; just email me at [email protected]. Good luck!!
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Brenda,
Thank you for the files. They helped tremendously. I marked up my PDF files with notes as you did. My list price is off by $4,000 (less) when I multiply the average square foot by the square footage of my listing. The investor at Wells Fargo wants over $40,000 more than the list price. The HomePath rep emailed me today and is giving me the opportunity to send additional documentation. I am going to send her everything that I have. Thanks again!
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