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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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.
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
I'm loving the new rule. It's about time.
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,
The BPO is one small part of their valuation process.
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