In September 2013, we made an offer on a house in our town Little Ferry, NJ. It was a short sale listed at 215K, we offered 205K in cash with proof of funds since there might be some work needed. We have not had a formal inspection subject to the offer being accepted. The house is located in a flood zone, and may have had minimal damage from Hurricane Sandy. The realtor told us the sellers wanted to be out by the end of year. Our offer was accepted by the seller. We were waiting to hear from the bank, which we were told was Bank of America.

Nothing happened until mid December when we got in contact with our realtor. We gave an end of the year deadline. Then we heard that the BPO inspection was to be the next day. After that the realtor told us we would get a "nice price". Then we found out the mortgage was with Everhome and they were waiting for the investors approval. 

The next thing we heard was a response from Everhome with a offer of 313K, which was way over what anything comparable in this town. Our realtor was shocked but asked if we wanted to counter offer. We said no, she contacted Everhome with a CMA containg three comparables all inline or lower than our offer.

Any suggestions? We would like the house but at a fair price. If our offer is not accepted, which appears to be the case, the nice family living there will most likely we believed be foreclosed. We am not sure what Everhome has to gain from this, and have no idea where they came up with the 313K offer. 

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Everhome is only the servicer of the loan. The investor makes the decision. The investor would be FHA, VA, Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac have been inflating values like crazy. Your agent needs to escalate the file and dispute the value directly to the investor.

How do we find out who the investor is?

Your contact at Everhome should be able to tell you that. There are sites for each investor you can put in the information and it will tell you whether or not they own the loan. If your agent does short sales, she/he should have that information. If she/he doesn't, you do not have the right agent. I find out that information before I start working on a short sale.

Update: Our realtor went back to Everhome with the comps but they would not budge. She has not been helpful in telling us who the investor is. How do we find our the investor? Do we have any other recourse on getting the investor to make a more favorable offer?



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