fannie mae short sales: How to Challenge a Short Sale Lender’s Valuation – And Win - 07/29/10 06:42 PM
Your short sale was approved? Wonderful. The buyer’s lender under-appraises the property? Not so good. What do you do?
Do you call the short sale lender and tell them their comps were wrong? Do you scream "the market is still going down, take the new price or the seller will file bankruptcy"? Do you say "You’ll never get another buyer for this home”?
The short sale lender has heard all that before. Normally, they don’t care. You’re just another whining real estate agent. But there is a way to get a value changed if the circumstances are right. … (45 comments)
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fannie mae short sales: Green Tree Approves Elliotts Point, Fort Walton Beach FL Short Sale - 03/26/10 08:19 AM
Green Tree Servicing has approved the short sale on this home in Elliotts Point, Fort Walton Beach Florida. The odd thing about the approval was that Fannie Mae initially rejected the short sale because the seller was current on his payments, even though he had a hardship, as I wrote in "Current on Your Mortgage? Short Sale Denied!". He was told he could get 30 days behind, then resubmit the short sale package. He did so, and another 30 days later, the sale was approved!
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
… (6 comments)
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fannie mae short sales: Bank of America - 2 Strikes and Buyer Walks! - 08/02/09 11:05 AM
I got the second approval letter from Bank of America today… That’s right, we are on approval #2- same buyer! This Destin Florida short sale was cleared to close back in February. But why did that approval fail? And why is the game "over"?
Strike 1
A few months ago I wrote “Countrywide Approves Short Sale – But Won’t Finance Approved Amount”. The buyer’s mortgage lender was also Countrywide, now Bank of America. They UNDERAPPRAISED his purchase of the Destin condo by $10,000, so he could not close for the approved amount. But Bank of America, the short … (27 comments)
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