My buyer submitted a fair offer on a short sale. FNMA obtained a BPO and their own appraisal but would not advise even the seller the amount of their appraisal. FNMA did not approve the buyer's offer; instead they countered 35 percent above this figure. In their counter email, they reference "market conditions and their internal review". I know the company who did the appraisal and I'd be stunned if their appraisal was for anything close to FNMA's firm counter. The counter is closer to the mortage lien. The seller must now give a deed in lieu of foreclosure. If the buyer obtains their own appraisal, will FNMA agree to sell the property for this figure?
A colleague had a short sale listing last summer with an offer. FNMA did not accept the offer and foreclosed on the home. FNMA then put it up for sale 2 months later. FNMA kept reducing the price each month; its now listed at a similar figure to my colleague's short sale listing on the same home last summer. Someone finally made an offer and its under contract.
Do you recommend my buyer get an appraisal or just wait for the house to go back on the market? I hate to have my client sent money for an appraisal if FNMA won't consider it. Thanks. Leslie
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FNMA won't just agree to sell the house per a buyers appraisal. If there are repair bids with colored photos, a CMA, inspection report, and/or appraisal, a value dispute can likely be opened up with FNMA and the value can be contested. It is not guaranteed that the value will be dropped though.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
As further explanation. We did a CMA, had photos of the damaged areas needing repairs and had contractor bids for the repairs. FNMA only came down $10,000. FNMA has an appraisal and BPO. They said we could submit our own appraisal but I hesitate to go to this expense if FNMA won't consider it. What do you suggest or what has been your experience?