Force Fannie Mae to Act Responsibly!Posted by Judy Orr on
As a member of the real estate group Short Sale Superstars, I have been made aware that Fannie Mae is not being realistic about the list and sale prices of their short sale properties. I was the listing agent for a Scottsdale for sale that was a short sale. We listed at fair market value according to recent comparable listings. We received a contract and the response from the seller's bank was that they wanted a price that never would have appraised. There was no chance of selling it short with this bank.
There are no guarantees with short sales but it seems like Fannie Mae would rather foreclose with their unrealistic counter-offers. They are countering above BPO's (Broker Price Opinions) they are receiving. Most of the buyers I work with are not…
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