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 interested in looking at short sales because they don't have time to wait months just for bank approval. For those who were willing to take the chance, they usually were rewarded with an accepted contract price that was lower than the market value.
We are asking you to sign a petition to force Fannie Mae to act responsibly on the We the People section of the White House.gov site. 98,478 signatures are required and we're only at 1,522. UPDATE: This petition has expired.
You might not have anything to do with short sales, but this behavior is affecting sellers trying to do what they consider is the right and best thing instead of letting their homes in Scottsdale foreclose. It is also affecting buyers that love a property enough to make an offer, usually waiting months to get an answer only to have their hopes crushed. And although you might not care about the agents involved, a lot of work is put into listing and marketing a short sale and the selling agent showed the property, wrote up the offer, attended an inspection, and did a lot of communicating.
My team and I handle short sales in Scottsdale and surrounding areas. If you are a homeowner that is underwater on your mortgage and have a hardship, please call me at 480-877-1549 or use the contact form.Posted by Judy Orr on