Fannie Mae Value Dispute

Hello Guys and Gals!

I have a Fannie Mae investor short sale that they countered back 15% over offer/value. Of course I escalated the file right to FM. I have requested a copy (on behalf of the borrower/seller's - signed and dated by borrower) of the appraisal and BPO that was done recently to determine market value.  They are refusing to send me copies because "they are for internal use only". I swear that they are required to provide that to the seller/borrower if requested. Am I wrong? Feeling like a rookie after several dozen completed......

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Permalink Reply by SMS-Short Sale Expert on November 5, 2013 at 9:25am

They will most of the time refuse to send any documents pertaining to the appraisal. Not until negotiations will you know what they are looking to net. They have the right to refuse. If you have your homeowners call and request it, they might allow it.

Permalink Reply by Short Sale Superstars LLC on November 5, 2013 at 10:57am

Jeff,

        You won't get FNMA to provide you with a copy of the appraisal, but you may be able to get them advise you what comps they used to obtain their value. Have you completed an appraisal on your end?

310-564-6389

www.ishortsalenow.com

[email protected]

Permalink Reply by Kevin - Greenville, SC on November 6, 2013 at 6:27pm

I'm loving the new rule.  It's about time.

Permalink Reply by Jeff Struchen on November 5, 2013 at 11:41am

Thanks for all the input. No appraisal on our end as it is a cash deal/ owner occupied buyer. I know the BPO agent and the appraiser and know for a fact that the numbers came in MUCH lower without any coaching from me. I have sent them, with the dispute info they requested, a copy of the BPO from an independent agent prior to list. I guess I was mistaken on the "proof" factor of their counter offer. I know for the most part a counter offer is just part of their SOP, but that high really set me back knowing the value given them. Guess I will wait and see how they respond to our value dispute.

Thanks again,

Permalink Reply by Kevin - Greenville, SC on November 6, 2013 at 6:28pm

The BPO is one small part of their valuation process.

Permalink Reply by Hericson Torres on November 5, 2013 at 4:13pm
Go to HomePath.com and open a value dispute. You will have to provide an appraisal and if needed work estimates. You should also submit a BPO for the value dispute. FannieMae is pulling this on all short sales right now due to "appreciation" expectations.

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