I really don't understand where they get the value for the properties.I listed a townhouse that is worth about 150K, but with the needed repairs $140-150, but FNMA wants $190. I submitted a dispute and they reduce to $160K which I still think is too high. The buyer is going to move forward and do an appraiser and submit to them for reduction. I try to avoid FNMA short sales and REO because they are very unreasonable in their pricing.. 

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Your the Professional "Show the Investor"  with the end in mind. Change your mindset No is not an answer. When all else fails I'll step up your game........FNMA is always willing to help with short sales, Change the players!! 

It's a roll of the dice with Fannie Mae. Many of their transctions move very smoothly and then there are others that get stuck with a high value that is needed to dispute. I agree with Larry that you need to do more than just provide comps and repair bids to get them to really listen. It takes a good hear to heart conversation directly with Fannie Mae at times. But as we know this does not always work and at times nothing can be done except to wait for a new value to be ordered.

If you ever would like any assistance or have any questions don't hesitate to reach out to me as my door is always open.

[email protected]

310-564-6389

www.ishortsalenow.com

Hi Brett,

I am reaching out to you - how do I have a heart to heart with Fannie Mae.  We have a property that was listed in February for $129,900ish and we barely had any showings definitely no offers.  Price was reduced in June to $119,900, we started getting showings, no offers.  Price was reduced to $113,900 two weeks later and we finally got an offer for $112,000.  Submitted everything to bank and they countered @ $121,000 (this came from Fannie).  So I completed the dispute process and just heard back from Fannie that they are standing vy the $121,000.  Buyer does NOT want to increase offer and I truly believe that their offer is a VERY GOOD offer based on comps in the area.  How do I get Fannie to reconsider.  Thanks for any help.  CAT

 

Who is the mortgage servicer? You may need someone on that end to fight for you to get the transaction approved. Have you had the offer of $112,000 submitted to FNMA for approval? That purchase price should be within FNMA guidelines to be submitted for approval if their value is $121,000. Also, I'd open up another case and try to get a FNMA rep on the phone. Try to find out what comps they used and have a conversation with them about the history of the transaction. When was the last value completed on the property by FNMA? When does it expire?

Your in a tough spot, but hopefully with some more time and effort you will eventually push it through. If you ever have any questions or need assistance don't hesitate tor each out to me as my door is always open.

[email protected]

310-564-6389

Been there done that - are you saying to go through the process all over again?

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