Am I the only one seeing insane counters on Freddie like the FNMA complaints?

For at least 1/2 year, I have been fighting crazy high bank counters for Freddie just like people are complaining about for Fannie. I'm surprised that I don't see others having this issue. My most recent is one that BofA countered $320K to a $210K offer. I submitted a dispute - a similar better property with finished basement sold for $220K. This one has some mold, documented radon problem (10 times the likelihood of getting cancer from it) and is somewhat neglected. BofA did another BPO. This time (new buyer - they don't hang around for months and months after the insulting treatment, usually), BofA demanded $275K. It took them long enough that they could claim my "old" comps are no longer valid. Well, the negotiator gave a very bottom line of $230K - I don't think the buyer's bank would approve, but would like to get to that point. Instead, they released the loan to NationStar.

What did I get yesterday? NationStar wants $275K - yes, it is still crazy high. Common factor - this is Freddie Mac.

So, is it really just me getting file after file with Freddie wanting so much that you have to wonder if their BPO agent is capable of reading MLS listings (or, ahem, **someone** ignores the BPO and manufactures their own reality BPO)? Yet I don't see the same comments for Freddie that people are putting out for Fannie.

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Replies to This Discussion

Permalink Reply by Corinn on November 14, 2012 at 6:20am

Nope...you are not the only one.  Received a counter a month ago from the lender, Freddie ordered a new BPO (before the other one even expired)...they didn't even gain access to the house for the new BPO, and then the value came back almost double what it was before....frustrating, to say the least.  Freddie has always been more difficult than Fannie (in my opinion). I have no advice for you Joe, just feeling your pain, that's all.  Sorry!

Permalink Reply by Teresa Keeler on January 8, 2013 at 8:49am

Pardon me for being so bold, but do Fannie and Freddie truly believe that they have so much authority over the market that they can start demanding higher prices on distressed properties and actually get it??? I've seen this since the November 1 changes and it's across the board. 

If someone makes a lowball offer and it's denied I have no issue - in fact I tell them up front - but to demand values that are higher than certified appraisals is just an insult to the folks in the trenches STILL trying to clean up the mess that THEY made.  I'm off my soapbox.  

Permalink Reply by Teresa Keeler on December 11, 2012 at 11:00am

I just had this happen to me.  Listed the property at 360K, reduced over a period of a year to 300K, finally got an offer for 287K. Wells Fargo recommended approval - but Freddie wants 350K botton line no disputes available. What is this "no dispute available" crap? The buyer's appraisal came in at 290K. I should be able to turn in my dispute with the certified appraisal and get this revisited. If there is anyone with an escalation contact at Freddie I woudl love to have it.

Permalink Reply by Theresa Lee on April 3, 2013 at 10:10am

Hi Teresa, I just ran in to the same problem with a wells loan! We have an offer at $240k and they came back countering a $272k net, which comes out at about $300k offer.  I was told there was no option to dispute this because "the market value and minimum net proceeds they will accept are two different things." Did you have any luck escalating your file?

Permalink Reply by Teresa Keeler on April 5, 2013 at 5:04am

Yes I did but I am still trying to get it to work - the buyer walked so we had to start over but what I have found that seems to get attention is to email FHLMC and CC: FHFA Complaint email.  The email address can be found on Google.

Permalink Reply by joe beauchamp on April 3, 2013 at 11:32am

Please look at the form I uploaded and recently used. Notice that it is a FHLMC value dispute form. Try to get your negotiator to explain why FHLMC has a value dispute form if they don't allow value disputes..

Attachments:
Permalink Reply by Brian Wood on January 8, 2013 at 8:12am

Hi Joe, I just received a full payoff balance of $117K from Freddie, when the house is worth around $75K, so Wells Fargo cancelled the short sale since they won't work full payoff balances.  Did you have any luck disputing this with Freddie Mac?  Any suggestions?  Thanks.

Brian

Permalink Reply by joe beauchamp on January 8, 2013 at 4:42pm

Oh it just goes on for me. NationStar service released it back to BofA after 2 months - I complained to tweet and other escalations at BofA about their treatment of this homeowner (spouse in hospital going on 2 yrs now, where she spends a lot of her time - the listing agent has to help her with everything because she doesn't see well after her eye surgery over a year ago). This weekend I can see that BofA did nothing to fix the mess and apparently turned it over to the brain dead under the bridge because I got a message that I didn't upload documents in the right format. Oh yeah? well, I didn't upload anything because BofA has it all - coming up on the anniversary for this file.

So, at the moment, I think someone at BofA might be trying to help, but it is not obvious from the total lack of care or progress. I'm about at the point of where they have simply accepted my authorization. The file was supposed to be back in BofA 12/17/12. I have not gotten anywhere near the point of seeing what Freddie wants <sigh>.

Permalink Reply by Shannon Noble on April 5, 2013 at 5:14am

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