What is going on with FANNIE MAE? I have 2 deals right now where I know the BPO for the servicer came in at the offer price and FANNIE MAE countered $20K more on a $220K priced home with no comparables in that range and $55K more on a $45K home. I sent in great value disputes to www.homepathforshortsales.com and I basically never hear back from them on what happened. When I follow up with them, I get a response back to contact my servicer and the servicer just says that they still want these crazy prices. Does anyone have any ideas on how to get FANNIE MAE to even seriously look at these value disputes AND how I can get someone at FANNIE MAE on the phone, who can actually tell me what is going on and why they would rather foreclose and then accept an offer at or lower than the ones that have already been submitted?
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Are others still having this same issue? Got a foreclosure judgement amount for a Fannie Asset $190,000 and Fannie Mae countered $275,000.
We have had the same issue with Fannie Mae. The buyers paid out of pocket for an appraisal. Fannie Mae still countered full value and then some. The home is in ruins, by the way, a big fixer upper. Hole in roof, water everywhere and they still did not care they wanted FULL market value. Declined file completely when buyers walked and now with lawyers. We even went to our politicians for help who pretended to care and spewed Fannie Mae guidelines back at us. We pay all these realtor fees to get some political clout and that is a joke as well. Please do not guarantee your clients they will get anything even if they do appraisals. You have to make them understand it might not work. It did not for us.
I think sellers should be able to SUE the servicer or investor denied a sale for a particular price and then it ended up foreclosing and being remarked as an REO for less than the short sale. If all seller could sue in small claims court, Fannie would think twice about these valuations.
Love it! Class action suit! has to be a hungry lawyer out there, or at least one who loves to tilt at windmills!
The same thing happened to my client on a Fannie Mae loan. Property foreclosed even though we had a valid offer on the table. It was declined because the offer was too low. The buyer increased the offer by $12,000 and still the offer was "too low". I asked the servicer to counter so I could take it to the buyer. I was told that just have the buyer write another offer and they would review it at that time. Has anyone had this experience where the servicer does not give a counter offer amount for buyer to accept or reject?
my seller, the buyer did do a full out appraisal as his agent and myself had compped the property ad nauseum..there are few comps in our rural area. appraisal matched our opinions. fannie ordered new bpo,..their counteroffer stands..22k above offer and appraisal. buyer 2 walks..I agree, if they are going to foreclose anyway and get our taxpayer money to make them whole, then just quit dragging innocent people in pain through this. sell it via homepath with no appraisal afterwards. Record profits in one year for Fannie..what a freakin joke has been played on our taxpayers.
Thanks Victoria. That is insane. Kevin, can we get Albert Bryant or Bob Martin or anyone at Fannie Mae to give us some answers.
Bob did at this forum. They believe they are right more often then wrong.
http://www.realtor.org/educsessmid.nsf/allpages/13MYRPValueForum
http://www.realtor.org/educsessmid.nsf/sphandout/ValuationForum2013...
Yep. Albert Bryant, Manager of the Short Sales at Fannie had touted how Homepath would streamline things, and bridge a gap between the servicer, investor and agent, and it's the biggest joke. They don't even respond. I mean man, if I want to wait 72 hours for a response, just deal with the servicer. Oh, and they have a valuation model that's a joke too. They have AS IS, some middle amount and then, BEST CASE SCENARIO and that's what all these values are being based on - Best case scenario. I talked with someone last week who had an offer for $250,000 on a property and he marketed the crap out of this thing. Fannie countered at $350,00, but here's the kicker and it's pretty funny. Homeowner owed $318,000!!! It's just a joke and of course the buyer walked. I have a sale I'm just starting that another agent tried three times to get sold. Same thing. Homeowner owes $360,000. Last buyer came in at $350,000 - Fannie countered at $380,000????
The homeowner has had the home listed over a year and 1/2 and not one sale out of 4 was approved. It makes no sense. If you want a short sale where the lender actually deals in real valuations, make an offer on a non-gse (haa..those aren't guaranteed either)
Yes, responding to Smitty, that same thing with the counters that net much more than is even owed has happened to me a lot also. I had one foreclose about a year ago where they countered 30% more than what the house was worth and more than what was owed, and it eventually sold for less than our offer. And this happens all of the time.
That is why I want the truth. If they say they have to get their full payoff; otherwise, we will have to foreclose because the government will pay us the shortage, then just say it. By the way, that was just an example, I'm not saying that that is the truth. I don't know why they are doing this. So please, someone who knows, tell us before we all go crazy.
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