Ok, here's the situation. Buyer offered $75,000. PHH mortgage countered at $80,000 after two BPO's were done (one at 80K and the other at 82,5K) and Buyer accepted. The file was sent to Fannie for review and they are now countering at 90K! What on earth??? The house will never appraise for that and needs major work done. Do I go straight to the investor or let my negotiator (who I really like) handle it?
Jeff: It's so simple! Thanks for that tip - you are right of course. Most of us get caught up in all these goings on that we don't know what is happening behind the "curtain"...thanks for shedding light!
Call Fannie! (its the 7Fannie# on this site, sorry dont have it handy)They have been quite helpfull! I would tend to not trust the servicer not Fannie! I am waiting for the final results of an escalation to Fannie and will post and let ya all know! But so far, so very good.
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