Hello, submitted 1st offer, was countered. Submitted that offer, now GT says Fannie Mae wants $130K or will cancel. F/C is 1/2/13. Any suggestions? House really is worth $115K at best. Already negotiated the seller contribution and though was going to get an approval, but now a counter.
Thanks for advice.
Brian
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File a valuation dispute. Email
[email protected] include the following:
Please also note that Fannie Mae does not require/need any additional information outside of what has been outlined in the bullets above. If the form contains borrower’s Social Security Number, birth date, etc., they will not be able to process the form and will be sent back. Your request will be processed within the next 24 to 48 hours. You will receive You also need to email [email protected] and provide them the scenario. Include all documentation to support your value. Request a Level 2 Mitigator and provide all your contact information and phone numbers. Best of Luck!!
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Well - I would send in comps first. That may get Fannie Mae to reduce it a bit, but you will have to go to Fannie Mae directly to try and get it reduced. Fannie Mae has been, almost, punitive in their values recently...
If you are in Arizona/Phoenix, here's what a ton of us have started and will continue (based on another SS Superstar suggestion):
Don't have to have a lawyer do it, but strength in numbers. Your client can apply themselves I believe.
Brian, good luck with Greentree. I had the same situation with them. My short sale listing was worth $80,000 and investor wanted $108,000.. way more than what it's worth. I had a F/C sale date of Nov.28,2012 and on Nov.12th I got the buyer to go to $100,000 and investor still declined it and foreclosed. They take 2 weeks to answer a counter, than the negotiator goes on a one week vacation and no one else is able to work on file. This bank is a joke!! They do not care to work with people.
Priscilla
It's not Greentree - I have worked with a great negotiator and advocate (Lou) and still they go to foreclosure - it's Fannie.
I'll assume the valuation dispute was rejected by FNMA since they all are no matter how ridiculous the BPO and complete the dispute package. They apparently just want to own and hold them hoping for appreciation and if none, sell under their program that doesn't require it to appraise. Did it get foreclosed on?
Yes, lost this one, can't wait to see what REO lists it at.
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