2nd denial based on value - Wells Fargo Fannie Mae
UPDATE: I have great news! I appealed the value with Fannie Mae a second time and they reduced the value. Then I submitted a new offer to Wells Fargo and we just received an approval letter 2 days ago! Brenda L. Wood, thank you for sending me a sample of your last appeal. This helped tremendously. I included a CMA with notes that broke down the cost of each home per square foot. I also included all of the feedback that I received from other agents. Most of them referenced the home being overpriced. I even included a screenshot of Zillow's zestimate of the home! I also included the following files that I had included in the first appeal: repair estimate, inspection report, comps and photos with descriptions of damage. I hope this information helps anyone other agents dealing with valuation disputes.
I have a short sale listing that is getting low offers, because of the condition of the home. Everything that can be broken is broken and there is mold everywhere. The Wells Fargo investor continues to reject the offers. They want $50,000 more than they highest offer that we have received. I just submitted my second appeal with Fannie Mae on http://www.homepath.com/. The first time they agreed with the investor on the value. They are disregarding the condition of the home. The appeal included sold comps of similar properties that are in the same condition, licensed home inspector's report and a repair estimate by a licensed contractor. History: It was a rental property and one of the owners passed away which created a loss of income. The spouse qualifies for the hardship, but the bank is not being realistic about the price.
Replies to This Discussion
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Permalink Reply by Elizabeth Monje on
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Hi I would really appreciate if you could send that me lizmonjeataol.com I dont know how to contact HUD or what to say, read my above post for more explanation if you can. Thank you very much i really need your help guys! Thank you very much!
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Permalink Reply by Maria Strong on
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Hi Liz, I am sending you some of my files now. Good luck!
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Permalink Reply by Fred Bauscus on
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Maria, based on what you've said, I don't think this is a HUD\FHA loan. It sounds more like Fannie Mae. Knowing which investor you're dealing with is one of the key first steps. call Wells and ask them or look it up online ( my preference is https://www.mers-servicerid.org/sis/index.jsp). HUD\FHA can only help you if its one of their loans.
If it is FHA, you should have received the ATP letter with the appraised value on it. You can also request a copy of the appraisal. If that value is too high, get the FHA case #, add it to your 3rd party auth and send it to [email protected]. Then call the HUD national servicing cent to contest the value.If its Fannie Mae, then you'll need to go to homepath.com and get a Fannie Mae 3rd party auth. you can file a value dispute online at the same site. Include comparables, a narrative of the issues, listing & show histories, detailed photographs, multiple contractor bids. Thow in any and everything you can think of. I've had friends do a BPO for me. After all that, you may end up raising the price to their perceived value and reducing every 3 weeks until you get another offer. Sometimes the only way to get them to see the light is to demonstrate that the market won't support the value they expect.
If a value dispute through Homepath doesn't work, you can also consider filing complaints with the CPFB and FHFA. The last time I did that, Fannie Mae got friendly in a hurry! -
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Fred, you are correct. It is a Fannie Mae loan. I just corrected my post. I will call Wells Fargo to find out who the investor is. I just submitted the 2nd dispute on http://www.homepath.com/. I had disputed the value a few months ago, but Fannie Mae still came back too high based on the condition of the home. I just received a reply from HomePath asking for additional documentation for the 2nd (current) valuation dispute. I am going to submit a narrative, showing feedback, photographs, contractor bids and a home inspection report with detailed photos by a licensed home inspector (submitted the first time also and it did not make a difference). I have a detailed comparison of comparable properties in similar condition that have sold in the last 6 months. I marked up the PDF with notes and the average price per square foot. My list price is off by $4,000 when you multiply the average sq ft by the square footage of my listing. The investor at Wells Fargo wants over $40,000 more than the list price. I am going to file a complaint also. Thanks for your feedback!
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I have great news! I appealed the value with Fannie Mae a second time and they reduced the value. Then I submitted a new offer to Wells Fargo and we just received an approval letter 2 days ago! Brenda L. Wood, thank you for sending me a sample of your last appeal. This helped tremendously. I included a CMA with notes that broke down the cost of each home per square foot. I also included all of the feedback that I received from other agents. Most of them referenced the home being overpriced. I even included a screenshot of Zillow's zestimate of the home! I also included the following files that I had included in the first appeal: repair estimate, inspection report, comps and photos with descriptions of damage. I hope this information helps anyone other agents dealing with valuation disputes.
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Permalink Reply by Brenda L Wood on
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Congratulations Maria! Short Sale Superstars are tenacious!
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