OK – admittedly “Price
Fixing” might be an exaggeration but there are times it really feels like it.
We recently just closed a Green Tree Short
Sale where Fannie Mae was
the investor where we once again ran into this scenario
The fair market value
was $200,000 and $210,000. Fannie Mae countered the offer back at $252,000. We
escalated the file over pricing to no avail.
Naturally the buyer was
not willing to pay that amount and countered the offer back at $225,000. After
another month of review, Fannie Mae rejected the counter offer and
closed the file. ARGH!
Since we are the never
say die guys, we went back to the buyer and convinced them to accept $252,000
counter offer but instead of paying cash, finance the property. Part of
financing the property means you have to have an appraisal that supports that
purchase price. You guessed it, the buyer’s purchase appraisal came in at
$210,000 – our original fair market value range.
With the buyers
appraisal in hand we then spent another month negotiating the price reduction.
It took several escalations direct to Fannie Mae to
make it happen but in the end Fannie Mae agreed to the reduction and we were able to close the escrow 30 days
later.
The real shame is we
lost nearly 90 days haggling over a price where had Fannie Mae agreed
to the buyers original cash counter offer they would have netted them more
money. Taxpayer money.
All’s well that ends
well. Another homeowner saved from foreclosure getting a fresh start
financially. Life is good
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out. We also offer a short sale lease back program for those who
qualify allowing you to short sale and stay in your home. Call me
for details
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did. Fannie Mae
Short Sale Price Fixing
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