Here we go again..  Offer is for $327,000.00  Freddie's value came in at $335,000.00. but they countered at $407,000.00 Freddie said to dispute it.   Buyer had appraisal done that came in at $330.000.  Freddie came back and said they are sticking with their counter of $407,000.00   Manager at Wells stated Freddie is doing this if they determine that the property is in an "increasing" market. They want a buyer to pay what they feel the property may be worth 6-8 months from now.  I don't remember them adjusting an offer downwards when  the market was declining.  This is ridiculous to think a buyer would do this. We as agents have an obligation to list and sell properties at CURRENT fair market value.  N.A.R.  .. where are you?  You need to stop this insanity asap!

Tony Morales

TM Short Sales Consulting

Views: 212

Replies to This Discussion

So if you accept the offer of 407   and the buyers appraisal comes in at 330 from mtg co...   So then what?

It may be worth a try...   At least it will open up negotiations closer to a close and your buyer will know the end result...  Is your buyer willing to go up from the price offering if appraisal comes in higher?

I don't understand how Fannie/Freddie price something higher because they "think" it close higher in 6-8 months or they foreclose.   But that is their mentality right now.   Buyers in the market now are almost frenzied...  Investors such as Hedge funds are buying everything up at auction...  banks"Freddie" knows this... as prices start to increase.   We are seeing a large decline in short sales and acceptance also...   Freddie will wait it out and sell at auction...  We have to remember the servicier does not own the loans...   they are foreclosing on behalf of Freddie...  The investors are reimbursed in full from freddie any differences incl costs...  As the banks are more "healed"  and the economy is getting better we are seeing a less likely to short sale and more traditional sales moving forward....  Evidence in the areas as you see more foreclosures actually taking place rather than waiting years to start the process they are pushing forward...  So much for the bail out for the public...   Many of the current people in foreclosure are still a by product of the economic situation that occurred...

Larry   buyer already had an appraisal done   As I said  N.A R. needs to get involved as Freddie is only encouraging more foreclosures. A homeowner with a true hardship should not have to be foreclosed on just because an investor wants an unrealistic price for the property

I totally agree...   NAR needs to be interactive...  This affects the entire industry also..   They want values to increase to get these shorts off the market...  But not this way...

Entities like Freddie don't care about NAR. You need to fight them in their arena. We all know the numbers are nonsense, they don't care. To make them care, you need to bring political pressure. Some have gotten FNMA to back down after local TV newscasts have pointed out their games. Others have gotten traction by getting a state senator involved, which I suspect is easier.

I have had Freddie back down after many months of disputed values, but assuming you had a credible appraiser, I think you've pretty much gone that route.

When you're Freddie and Fannie, and you write the rules and own the courts, you get your way.  Esp since the tax payers are always willing to bail you out.

Sad.

I am having the same issue with PNC as the servicer - the BPO came in at $90 K and Freddie Mac wants to NET $120K on a $130 K loan!  REALLY - yet they can offer the H/O a DIL with a $3K incentive.  I just hit twitter and am blasting both entities on all social media site.  Will be sending an email to my State Senator and Representative. 

 I have had it with these servicers and investors!  PNC does not even have a escalation process in place supposedly.  Will be hitting them harder and release an blog that I did a couple of years ago with another short sale.   Bad publicity, political pressure seems the only way to get any attention on these issues.

If anyone has any other ideas please share!

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