Wells Fargo & Fannie Mae
I've had a listing with an offer on it for over 4 months and the original BPO came in at an exorbitant 243k . The processor informed me that the only and best way to dispute the valuation was to request the buyers lender to order a full FHA appraisal (which they did). The appraisal comes in at less than 3% over the offer price and after multiple arguments with the negotiator (via email since she won't converse via phone) the BPO expired and she "supposedly" sent the packet to the investor "Fannie Mae" and they reject the offer due to the "Low" offer. I don't believe any seller/investor that had an offer 3% under appraised value would say no, especially if Fannie Mae a Federally subsidised entity is the "investor".
Anyone have a way through this idiocy?
Replies to This Discussion
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Permalink Reply by Melissa Polce on
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I have had a horrible time with Fannie Mae on WF shorts...almost delusional with what their BPO's come in at...makes me wonder if those are only drive by BPO's ...cause no way...so I feel your pain, we also have had a volley of counter offers before Fannie will even look to consider...again-I used the words DELUSIONAL(describing the investor) with the negotiator...good luck!
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Permalink Reply by Aaron Signor on
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have you had any situations where the buyers have requested actual appraisals and WF and or Fannie Mae has opted not to use them?
Melissa Polce said:
I have had a horrible time with Fannie Mae on WF shorts...almost delusional with what their BPO's come in at...makes me wonder if those are only drive by BPO's ...cause no way...so I feel your pain, we also have had a volley of counter offers before Fannie will even look to consider...again-I used the words DELUSIONAL(describing the investor) with the negotiator...good luck! -
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Permalink Reply by John Treadwell on
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Call Fannie Mae HUD Housing yourself ,file a compliant with them they will move it up the ladder. I just did it on Wells Fargo and got a great new NEG.
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Do you have a number for HUD that I don't? I've called FNMA at 800-732-6643 and filed a complaint about what WF is doing/using for valuation and as of today cant get past the front desk gal stating "she's answered my qustions". Do you have another number or can HUD help?
John Treadwell said:
Call Fannie Mae HUD Housing yourself ,file a compliant with them they will move it up the ladder. I just did it on Wells Fargo and got a great new NEG. -
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Do you have a number for Fannie Mae HUD?
Aaron Signor said:
Do you have a number for HUD that I don't? I've called FNMA at 800-732-6643 and filed a complaint about what WF is doing/using for valuation and as of today cant get past the front desk gal stating "she's answered my qustions". Do you have another number or can HUD help?
John Treadwell said:
Call Fannie Mae HUD Housing yourself ,file a compliant with them they will move it up the ladder. I just did it on Wells Fargo and got a great new NEG. -
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Permalink Reply by Michael Schneider on
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I'm with Melissa, delusional would be the right word. Aaron: Is this a Fannie Mae loan or an FHA loan? Delusional appraisals above Fair Market Value is, in my experience, a major cause of failure of a short sale. Fannie/Freddie/FHA are disengaged/delusional, and Wells just cannot make a decision to save their life. I have had no success in lower a delusional appraised value for FHA loans in their short-sale program. With Fannie, I take a different approach. Rather than dealing with the delusional, I get the buyer to offer an additional payment for a portion of the "delusional over-appraised non-value".
(Thansk, Melissa, I've tried to find every way to use "delusional" in this post.)
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