I have an approved short sale with Everhome set to close on 5/19. Original offer price was $179,900... Everhome countered with $200,000 but I knew it would not appraise for this.... Buyer came up to $182,500 as a gesture and deal was approved. Appraisal came in $180,000... When I called them on Friday to discuss appraisal issue they said the loan was sold to Green Tree... Questions:
Has anyone ever had luck getting them to retain the loan so we can close?
And, will they reduce the approval price due to low appraisal?
Fannie is investor - will it help to go directly to them?
And someone please tell me that if I have to deal with Green Tree now that I don't have to start at the beginning! =)
Yes, you can go to Fannie Mae and appeal. In fact, I go to HomePath as soon as I know I have a Fannie Mae short sale and ask for a pre-approved price.
I don't know your local laws, but I imagine the bank has some responsibility to honor the short sale since the letter has been generated, but if you cannot meet the terms of the letter due to the low appraisal, probably all bets are off.
If I were in your shoes, I'd have that GT app filled out and submitted today. It could take 5 to 10 days to get a response on the price from Fannie Mae.