Replies to This Discussion

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on September 9, 2013 at 8:19am

I would make my case fannie mae and dispute the value. With the time it has set vacant the value would go down not up.

Valuation Desk <valuation_desk@fanniemae.com

Permalink Reply by Terri Barrow on September 9, 2013 at 8:21am

We did this 2 weeks ago after the last transaction fell through.  Should we do it again?  We are at the value that Fannie Mae came back with.  BOA is asking for $4,960.00 more than the valuation from Fannie Mae.

Permalink Reply by Kevin - Greenville, SC on September 9, 2013 at 9:18am

Counter's are sometimes not based on the price, but what it's going to take to arrive at the required net.  What are the closing fees like?  Are concessions being offered?

Permalink Reply by Azim Jessa on September 9, 2013 at 11:25am

I had this happen about a month ago with a Greentree/FNMA SS.  Long story but the resolution was the "new" negotiator didn't read the file notes and see the previous counter from Fannie at $240K.  They initially countered the $240K addendum at $257K...?

The negotiator "re-submitted" the file for approval with a note stating Fannie had countered at $240K less than 30 Days earlier and the file was approved in less than a week.  I did work simultaneously through HomePathForShortSales.com and Greentree...not sure if that prodded things along or not.  

Hopefully this is the case for you...

Regards,

Azim Jessa

Urban Nest Realty

Permalink Reply by ElizabethWeintraub00697006LyonRE on September 11, 2013 at 8:36am

Oh, I've been there before, and I know your pain. I'd like to say yeah, file a complaint, but it will most likely lead you nowhere. It's about as useful as hanging a photo of the head of Fannie Mae on the wall and throwing darts at it. It will make you feel like you're doing something productive, but you're really just messing up your wall.

If this were my short sale, I would put the home on the market at the new value requested from Fannie Mae and wait for some fool to amble along and pay it, because that's what Fannie Mae wants, and some poor fool eventually will -- maybe not this month or next but perhaps next year; besides, you know the saying:  if Fannie Mae ain't happy, nobody is happy.

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on September 11, 2013 at 8:59am

I can tell you my experience is that filing complaints has worked for me EVERY time. Besides if you don't then the statistics can not be generated in the AG office, OCC, CFPB etc and these people have the ability to monitor patterns of abuse and take steps to protect the consumer. It may not be today, but in the long run it will.