I am the buyer on a short sale, it has been 162 days since contract was signed. The original deal price was $225K.
5/29 Original servicer transferred file to another servicer, but immediately took the file back. We were told the average servicing time is 60 days. A week later, the BPO was completed. We were told it would take 4 weeks to review the file. On 7/2, informed that the offer was submitted to the investor, they replied saying it would take 5 days for a reply. FM countered at $286. The lawyer on our case urged seller's to pay for an appraisal, which they did. The appraisal came back at $241K on July 28th. Lawyer sent the value dispute to FM on 7/29. We were informed it would take 7-10 days for a reply. On 8/8, we were notified that FM was reviewing the dispute, said it would take 5 days. 8/9, FM ordered a NEW BPO, which was done same day. On 8/19, lawyer advised that FM replied on 8/15 to the value dispute saying they would review and get back to us in 7 days. On 8/27, we were informed the negotiator had the results of the value dispute and would submit to FM, we had to allow 7-10 days for a reply. 9/3, original offer again submitted to FM. please allove 5 days.
It is now 9/11, we have yet to hear from negotiator, lawyer, seller agent, or FM. Can someone please help me figure out how to resolve this issue. Sellers agent/lawyer/negotiator are not getting back to me with answers. I am failing to understand why everyone is giving us the runaround on this SS.
Thanks
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Just once lately I'd like to hear about Fannie Mae making a sensible decision. Fannie Mae is a joke lately. This routine of multiple BPO's and ridiculous valuations is routine.
I can only imagine how low their short sale approval rate is at this time.
Purchase, that's the biggest issue here...there's no way it will appraise for 275 or even close. The differential is huge
Mae came back at 275, they want our best and final offer. The appraisal was 241 that we sent as a value dispute. FM has seen this. Our initial offer was 225, we have to come up from that. Any thoughts on what the bank might accept?