I'd like to think that Fannie Mae BPO issues were over, but that would mean that short sales were over, and short sales are not over. We don't have as many short sales in Sacramento as we used to, and we're down by about 90%. Also, not every agent who lists a short sale even qualifies their sellers. They just run out to list the home without a second thought to qualifications, and not every short sale seller will qualify, unfortunately.
Throw into that mix that the investor is Fannie Mae, and you can have a boatload of troubles. Mainly on the value. It's always been about the value, which is not the same thing as a BPO and never has been. We just ran into a lengthy contestment last week for a West Sacramento short sale regarding the Fannie Mae BPO and won, of course. You can read more in my personal blog today about How to Contest a Fannie Mae BPO for a Short Sale.
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