Replies to This Discussion

Permalink Reply by Melanie Ross on February 14, 2011 at 10:04am

I know this may not help, but everytime it is a Freddie mac or Fannie mae, they ALWAYS ask for more money.  donot know what the hell they are thinking when the market will NOT bear it.  So we keep going back to them and pushing back and take it up the ladder.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 14, 2011 at 10:04am

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.

 

Permalink Reply by Mark Raatz on February 14, 2011 at 10:18am

They really don't want or need to sell this house unless they get their price.  This is not a negotiation.  This is a holdup.  Wells has a shared loss agreement with the government (the taxpayer). They don't need to sell this house because the gov't will reimburse them if it goes to a sheriff's sale.  They're laughing at you.  From $240 to $251 and now $310?  The investor is  laughing at you.  In a "normal" negotiation the lender will use the BPO value or appraisal, subtract a percentage for holding costs, attorney fees, etc. and if your offer comes within those parameters they will sell you the house.  They are playing with you.  Don't fall in love with this house.

Permalink Reply by Melissa Polce on February 14, 2011 at 10:22am

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

Permalink Reply by Ryan Vollmer on February 14, 2011 at 10:35am

Call the HAFA hotline and give them the scenario. HAFA does have some leverage in the matter.

Permalink Reply by Melissa Polce on February 14, 2011 at 10:49am

This is a not a HAFA deal....if you saw my other ranting, that is another deal....you get a bunch of good ones through the system and the bad ones...are doozies...lately ;D  

Ryan Vollmer said:

Call the HAFA hotline and give them the scenario. HAFA does have some leverage in the matter.

Permalink Reply by Bryant Tutas on February 14, 2011 at 11:08am

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.

 

 

Permalink Reply by Robin M. Willis on February 14, 2011 at 11:59am

Bryant is right.  You should definitely call Fannie Mae, but understand that this is standard protocol for them.  I've had them do this and not back down (even with an independent appraisal) - had to ultimately get the buyer to increase a little and the seller covered the remaining difference.  But ours was only a $9,000 difference.  Good luck.  The more we are the squeaky wheels, the better this will get.... eventually.

Permalink Reply by Steele V. Propp on February 15, 2011 at 3:30am

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

Permalink Reply by Kimberley Kelly on February 15, 2011 at 3:43am

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...