Please Help - Need High Level Help on BofA and Fannie Mae Situation
I'm had a BofA approval last year at $250,000. Have $258,000 offer in now and my high-level BofA gal says that FANNIE says its worth $340,000 -after supplying an appraisal that shows value at $250,000 . Sent letters to CEO of BofA and Fannie 2 days ago and contacted Resource Center at Fannie.
Fannie just calls me and says file won't be escalated above a Level 2 because there isn't a sale date in the next 5 days. Fannie guy tells me that even if we got 5 new BPO's at $250,000 that they are only going to take the $340,000 BPO !!!!! WHAT?!! They approved this last year at $250,000. I talked to him for 20 minutes - round and round in circles - and he says he couldn't escalate further. Local congressman tells me he can't get involved in contract situations.
HELP! What can I do? File to be shut down in Equator today !!!
I'm sick to my stomach ...
Replies to This Discussion
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Permalink Reply by Craig Barry on
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Welcome to the world of Short Sales. Chaulk it up to experience. Try partnering with a 3rd party in your local market that has a relationship with BAC and knows their way around Equator. This was a deal that should have and could have closed as I see an issue with your negotiation strategy and BAC realized that as they were dealing with you and made it more difficult to settle. Happens ALL THE TIME.
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Permalink Reply by Julia Fishel on
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Barry,
Call me at 727-366-0324. I'd like to discuss. This WAS with an experienced 3rd party negotiator who has closed over 40 transactions for us including a BofA & Fannie sale just 2 days ago. I inserted myself toward the end of the process when they were coming up dry. What is the problem with my negotiation strategy? Call me please.
Julia -
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