Replies to This Discussion

Permalink Reply by Debby Thompson on December 27, 2012 at 2:04pm

Same thing happened to me. I tried to agree the point it went no were. I ended up losing the deal. Home even got more damage to it and the still would change the price.

Permalink Reply by Pat Strausse on December 30, 2012 at 2:16pm

I'm lucky the buyer is going to up the price some...not to their level but submitting a counter. 

Permalink Reply by Anna Chroscicki on December 27, 2012 at 5:20pm

You have got to be kidding ...!!! And I know you are not, so.... WHAT ? I have Cooperative Short Sale Listing that was approved at $85,000 by Bank of America. I received offer. In the meantime I received messages from BoA lowering price to $52,000 in one month...So now offer that I have is over $30,000 more than what they want and I still need to worry that they ( bank) may not accept it ????   Unbelievable . I am sorry I dont have answer for you or idea as what to do. I just had to comment, because.....well....I am shocked.

Permalink Reply by Debby Thompson on December 27, 2012 at 5:31pm

I had one they told me to list at 8,200 then told me seller was to get 5,000 for doing the short sale. I told them that they would need to send cash for closing at that price. I had an offer for 18,000 but they waited so long to give me a price that the buyer walked. Then they give me $8,200. Not sure what they are doing. I knew from the last one I just did that they were never going to settle for the 8200. I asked them is that what you want to clear at the end. Because that is what the numbers worked out on the one that they come back 20% higher after they gave me the list price.

 

Permalink Reply by Azim Jessa on December 28, 2012 at 4:31am

Similar issue...Co-op short sale.  Fannie Mae is the investor.  They give me price at $143,300.  Comps at $110K.  Offer at $110K.  BofA counters at $143,800???  $500 more than Co-op price?

Permalink Reply by Azim Jessa on December 28, 2012 at 4:34am

I saw this on another RE Blog...I hope the idea spreads across the country:

How to file a Fannie Mae short sale decline complaint in Arizona

How to file a Fannie Mae short sale decline complaint in Arizona

 

Last week one of our short sale files was  declined by Fannie Mae.  What surprised me was the reason given, they wanted $40,000 more than what the offer on the table. Needless to say I knew I would be looking into what this was all about as FANNIE MAE is wrong about the value of this particular home. The offer on the table is supported by current comparable sales. Had Fannie Mae asked for say - $2000 or $5000 more I could have understood that better.  But $40,000 more - that's just flat out ridiculous.

 

I contacted our local 12 news reporter, Melissa Balsius, our  AZ housing market watch dog expert. Her assistant contacted me back within hours but they weren't sure what could be done immediately. I told her I wanted to be part of the solution and to let me know what could be done about this Fannie Mae craziness.

 

At 5:30pm that same day Kathleen Winn from the Arizona Attorney Generals Office called me

 

Ms Winn told me they had received my email from the 12 news station along with 5 other complaints just that day alone.  The Attorney Generals office considers this to be a trend. Apparently this is more wide spread in Arizona then I had at first thought. Ms Winn asked that I have my client file a complaint with her office immediately. She's going to contact Fannie Mae regarding all of the complaints they have received thus far and work towards a solution.  

 

How to file a Fannie Mae short sale decline complaint in Arizona

 

To file a Fannie Mae Short Sale decline complaint in Arizona  go to the Arizona Attorney Generals office atwww.azag.gov and file a complaint.

 

If you have further questions you may contact Kathleen Winn directly at 602-542-6903 or email her at[email protected] 

Outside Arizona - Contact your local Attorney General Office and file a complaint.

Permalink Reply by Pat Strausse on December 30, 2012 at 2:13pm

Thanks for the reply - very scarry that many happening in Arizona.  Hope this does not become a national trend.

Permalink Reply by Debby Thompson on December 28, 2012 at 1:39pm

No she would not work with me at all. She told me that the counter was it. I could not get her to lower the price after the buyer walked. I asked for another BPO because the home was broken into many times and wire was removed, plumbing removed and windows broken. She would do a new BPO and then removed it from equator and started a foreclosure. I now have a new offer on it but, I was told it is going to change servicers on the 15th of Jan.

Permalink Reply by Pat Strausse on December 30, 2012 at 2:14pm

I was shocked my self, had done several BOA coop short sales and they had all been basically slam dunks.  No more!

Permalink Reply by Pat Strausse on December 30, 2012 at 2:12pm

Update on this is the negotiator tells me that Fannie Mae ordered a 2nd BPO on the property.  News to me as no one ever contacted me for an interior inspection.  And, the 1st BPO was done on Nov. 1st so would have still been valid.  Negotiator had no explanation on why the 2nd BPO was ordered, would only say that this is the value that Fannie Mae places on the home.  Buyer has come back with an increase but not quite up to current value. Will resubmit and see.   Am wondering if this is a Fannie Mae practice or is Freddie is doing the same.