This is my GMAC short sale (I usually love them!), but it is FNMAE as Investor and apparently, they have hired a 3rd party to negotiate for them. I have ZERO contact with GMAC..been awful. Listed in April, got one offer over-market because the Buyer loves the location.
Offer: $225,000
BPO came in at $218,000 I was told by this negotiation company.
FNMAE comes back 3 weeks later and increases the BPO and says the minimum offer has to be $250,000! Will NEVER happen.
Did a value dispute to no avail.
Sent FNMAE an e-mail asking them to look into it.
Any other ideas? I have put property back on MLS at $250,000, and cannot reduce for 30 days.
FYI: GMAC notes with FNMAE as investor will now set off alarm bells for me since they've sub-contracted (at another 1% payoff to the company) to work their Short Sales. AAARGGHHH!!!
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Its very possible that the lender did not accept the BPO Agents original valuation for not following their guidelines and required a revision. One thing they often hassle BPO Agents about is the 'repairs' deductions. Repairs and Needs Updating are not the same. They want the property compared to similar condition properties, but dollar-for-dollar repair deductions can ONLY be for broken/damaged items. An old ugly kitchen can not be deducted as a repair. Another possibility is that they told you the 30 Day As Is Value, but the lender wants the 90 Day 'Typical Marketing Time' Value. Another possibility is that they compared the BPO to several drive-by bpos/appraisals. I would complete my own BPO to submit and also request the previous BPO to investigate for discrepancies (different neighborhood, waterfront, etc).
This sounds logical and probable. I also sent in a valuation dispute through the 3rd party company which did nothing. I am trying to work with FNMAE via e-mails etc. and the home sits vacant while neighboring homes drop in value even more. Such bad business!