The offer is a nightmare...
Started in November, negotiator drops ball, closes file...gets fired...had to reinitiate file
Price countered from $240K to $251K, countered again 30+ days later to $265K...buyers came up...
M/I Company imposes 18K promissory, 2K upfront at settlement ...total $20K from sellers...agreed
This is a Fannie Mae proposed property...
Finally sent off by WF negotiator for final approval from M/I Company and Fannie Mae...
9 days later or today....Investor decided that home is worth $310K....so will your buyers come up?
ARE YOU KIDDING ME? Can anyone give me thoughts of what you would do or ...suggestions? My only suggestion seems to be have the proposed buyer do an immediate appraisal...and turn it in, there has been nothing that has sold within 6 months to get that figure...some one is drinking the juice over at Wells...any other suggestions?
HELP, and then some!
Per Wells Negotiator...
Hi Melissa,
I received an email from the investor and they have completed the review of your file. Per their valuation team, they have determined the value is $310,000. They have requested the buyer increase their offer to meet the fair market value of $310,000 in order for them to approve this short sale.
Tags:
This is becoming more typical on GSE owned loans. If market value increases, they increase the counter offer (if it hasn't closed)
Remember, the servicer / investor (Wells Fargo / FNMA) is not approving the sale price - they are approving the LOSS they are willing to ACCEPT.
Thanks Mark, I agree for the buyers sake, just trying to get the deal done without the stumbling blocks on this one...which are high and frequent it seems
Call the HAFA hotline and give them the scenario. HAFA does have some leverage in the matter.
Melissa. About the only option you have is to dispute the value. An independent appraisal would help to do this. You can also submit your issue directly to Fannie Mae.
The Fannie Mae Resource Center can be reached at 1-800-7FANNIE (1-800-732-6643) Monday through Friday, between the hours of 8 a.m. and 8 p.m., Eastern Time. [email protected]
You will need to email them a LOA before they will speak with you.
Agree with Melanie. If these guys are anything like the REO department they will almost always counter an offer. It is a way of justifying their job. It's shows that they tried to do better than offered.
The old joke in REO negotiating is that if you came to them with a full price offer, all cash and closing tomorrow, they would come back with a counter of closing today.
Sometimes if you just give them the tiniest nudge up it will get things done.
They do haggle.
Steele
Last week my negotiator for Chase, (investsor was FNMAE) told me on the phone that without a seller contribution, the investor would "most likely" decline the file. AFter speaking with Buyer, Seller and myself, we all three responded.."keep the place", close the file. I also told her to tell FNMAE that if I were them I'd take the money and RUN. Negotiator calls me the next day..."I'm going to go ahead and submit the offer anyway." OK..I told her...and Good luck! Acceptance demand letter came yesterday.
Investor Guidelines are made up negotiator by negotiator as far as I can tell...
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