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FNMA Countering offer after it was countered by the servicer

Posted by jennifer mullen on July 19, 2011 at 12:10am in Short Sale Discussions
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? 

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Replies

  • Beverly Cibulsky July 19, 2011 at 8:51am
    You need to e-mail your third party approval along with any e-mail to fannie, but seriously call the #!!!
  • jennifer mullen July 19, 2011 at 8:44am
    I did email my Fannie contact last night but haven't heard back.  I do trust this negotiator, though.  We'll see if that trust was misplaced.  Thanks and good luck with yours!
  • Beverly Cibulsky July 19, 2011 at 8:34am
    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.
  • jennifer mullen July 19, 2011 at 5:23am
    Thanks Jeff - Deidre is absolutely right. I do tend to get caught up and irritated! :) Countered this morning and she's submitting to FNMA.  I'll let you know how it goes.
  • Deidre St. Romain July 19, 2011 at 5:19am
    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!
  • Jeff Payne July 19, 2011 at 1:50am
    COunter back at what the servicer had accepted, Fannie Mae is just trying to get more which is typical.
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