Here in Las Vegas we have been experiencing ongoing valuation issues with Fannie Mae. I've noticed the issues personally since Summer of 2012 and we're still experiencing the same issues as we come into 2013. I have multiple Fannie Mae files with counter offers ranging from 20-100% over market value on short sales. I've heard reports from their own appraisers that Fannie Mae has been requesting their appraisers to project market values 6 months from the date of appraisal (which as we know is impossible). Fannie Mae controls an extremely large portion of the short sale files at this time and if they continue to impose these absurd valuation practices on our markets we will likely see an increase in foreclosures and further impede the rebound of the housing market.
Does anyone have any input on successful strategies to overcome the valuation issues we're experiencing with Fannie Mae? Also, do we have anyone taking action against Fannie Mae to prevent this practice from continuing?
PS: I would like to take part in a petition or action against Fannie Mae in this matter. If you're aware of any current petition/action seeking to prevent these practices please contact me so that I may take part:
Michael Parks
Broker/Owner
Las Vegas Housing Experts
CEO@LasVegasHousingExperts.com
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We are experiencing the same thing in Florida. The only strategy I have is to get the price up as high as possible remove some costs to increase the NET and counter.
I have several of these right now.
One I'm now submitting for the 3rd time.
Very frustrating to deal with an unreasonable "seller". The property is worth what it's worth no matter what evaluation model they are using. They can't sell for more just because they want it.
This is a huge problem right now.