Force Fannie Mae to behave responsibly or shut them down.
Has anyone ran into this where Fannie is countering the buyer's offers on short sales waaay above what they will actually appraise at? Slightly above the appraisal value I can under stand due to the low inventory and high demand right now. But the price they want is unrealistic.
We have one right now and we are trying to get them to come down on the purchase price because what they are asking is ridiculously too high.
From what I have experienced and what I have been reading they would rather stick to the high price and foreclose on the property. The relisted it as a homepath (with Fannie financing) and NOT require an appraisal.
This is a very brief summary of what they are doing. (you can read the long versions in the links below)
-Fannie Mae approves short payoffs at ridiulously high prices like the example I gave below.
-No one buys them.
-Fannie Mae forecloses or gets the property back in deed in lieu
-FANNIE MAE GETS PAID FROM THE MORTGAGE INSURANCE AS THE FANNIE MAE GOVERNMENT
LOANS ARE INSURED.
-Fannie Mae relists the property as a Homepath REO
-Fannie Mae then offers financing on these overpriced properties
-Fannie Mae then funds the new loan on their over priced property and DOES NOT REQUIRE an appraisal.
-Now the new owner has a new Fannie Mae loan on an over priced home that they are already upside down in.
Found this article:
If you want to sign the petition to get the government to examine this and change it then sign the petition here:
For more infor on all of this visit our forum:
If you are running into these same problems here are some links that can help you resolve the issue:
http://www.fanniemaessad.com/
http://www.homepathforshortsales.com/#agents
I hope this is helpful to all!
Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
Comments (1)
just saw this article about , "Fannie Mae Announces Tool to Escalate Short Sales". READ IT HERE: http://www.dsnews.com/articles/fannie-mae-announces-tool-to-escalate-short-sale-process-2013-02-12 “Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan, VP for real estate sales at Fannie Mae.
Robert Adams, almost 12 years ago