FANNIE MAE SHORT SALE RIDICULOUS COUNTER OFFER
I have a short sale in progress with Seterus, this is a Fannie Mae loan (i.e., they are the "investor"). The offer submitted to Seterus was followed through the normal BPO procedure. Seterus advised me that the counter offer for the property was $317k vs. the ratified offer at $275k submitted to start the short sale process. I "appealed" the $317k counter as excessive. The Seterus person submitted my appeal along with my supporting documentation. I was just advised that the investor is now countering at $401k which is far, far above the FMV. I have never heard or seen such a situation, can anyone lend some insight into this?
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Ron,
If I was in your shoes I would take my supporting documents straight to Fannie Mae. Many times we reach directly out to the investor to see if we can go above the servicer.310-564-6389
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Permalink Reply by Kevin - Greenville, SC on
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Ron,
This has been covered pretty extensively in order posts. You may want to do a search for those.
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older.
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Q19. What does the servicer do if the buyer's mortgage appraisal is lower than the sales price that was accepted? The servicer may submit a valuations dispute when the buyer submits a new offer that is less than the original approved purchase offer because the appraisal was lower than the sales price. This can be accomplished through either Clarifire® (for those servicers with access to that application) or by emailing [email protected].
https://www.fanniemae.com/content/faq/short-sale-faqs.pdf;jsessioni...
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Permalink Reply by Wendy Alexandre on
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I have had something similar happen to me three times in the last week. I have been told each time that the counter offers are based on new Fannie Mae guidelines and that Fannie Mae is no longer allowing valuation disputes. I have actually been told by the servicers that 1) they feel the counter offer is out of line & 2) the counter offers are between 112% & 120% of the BPO valuation that was received as they view us as an appreciating market. I'm sure they aren't supposed to disclose that, but are clearly as frustrated as I am with the situation. The buyers have not yet done their appraisal as they are waiting for approval to do so before they waste $500 on something that may never happen. Has anyone else been having these kinds of responses from Fannie Mae backed loans? Thoughts on what I can do to combat this issue? HELP!
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Permalink Reply by Lisa Sipes on
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I am so frustrated! I have spoken with a couple of other agents who are experiencing the same problems with Fannie Mae. These counter offers are so out of line with current market values! We have a hot market in Phoenix....but Fannie Mae must want to send all these properties into foreclosure.
I have a listing that should sell for $205,000. Fannie Mae came back with a price of $247,000????? Unbelievable....
I have another short sale listing and the market value should be about $185,000....they came back at $220,000.
I will be disputing these values...but this is just so crazy....I have seller's with true hardships and this is wrong!!!
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Permalink Reply by Wendy Martin on
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I just had the same battle. Dispute directly with Fannie, do not listen to servicers who tell you they will not consider disputes. I had buyer order an appraisal, submitted to Fannie, they lowered the price and accepted. Don't waste your time with the servicer. An appraisal is your best ammo.
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