I have a listing in California previously with two other servicers in the past, once in the final stage of approval at 175K, buyer's walked since it took too long. I resubmitted in 9/13 for $185K offer it was declined with a counter at $240k. In January received an email the file has been transfer to Fannie Mae. Seller's were considering attorney litigation but due to the cost, want to continue the short sale, buyer still interested I contacted Everhome and negotiator said to contact Fannie Mae escalation for review of price sent the CMA from July to Sept. at the time the offer was submitted and received an email Fannie Mae now wants a CMA with current values, not from 6 months ago. Buyer will not increase price since this house has HOA lien for $20,000 and he will not consider paying $240,000 plus the $20K lien. Values in 9/13 were in the $185K. I do not know how I can make Fannie Mae understand the current prices are higher since they are flips or standard sale and buyer's are paying higher prices. I do not have any other offers on this property. Seller's is aware Fannie Mae Evaluations are causing unnecessary foreclosures. HOA has filed a NOTICE OF TRUSTEE SALE AS OF 4/5/14. PLEASE NEED SOMEONE'S INPUT AND ANY CONTACTS IN EVERHOME ANY ADVISE WILL BE GREATLY APPRECIATED. THANK YOU
I feel your pain, Mariana. This is Fannie Mae's way of telling you it probably does not want to do a short sale. Its "valuation" is not based on a BPO or an appraisal, and agents who continue to insist that Fannie Mae's valuation must have some correlation to actual market value because logic dictates are setting themselves up for major disappointment.
Your choices are a) find a fool -- and there are a few of those, or b) drag it out to rejection because, in the end, Fannie Mae will win. Stop trying to beat a dead horse.