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Disputing a Fannie Mae BPO is Easier Now than Ever

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

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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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(10)

Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents,  It's good to know that you were successful  in your dispute with a Fannie Mae BPO, thanks for the valuable inormation and link.

Jun 05, 2015 02:17 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Elizabeth, it is amazing at times how difficult Fannie Mae, and others, can make the process. It takes an experienced agent, willing to fight the fight, to get the job done. I've had lenders close files because they did not get offers at their inflated valuation.  I hired an appraiser, got the files reopened, and closed the short sale. 

Jun 05, 2015 02:24 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Sybil Campbell You've got to be willing to put forth the effort to contest the value, and sometimes I think Fannie Mae banks on the fact that agents often don't want extra work.

Kathleen Daniels You and I fight. It's in our nature, I think. :)

Jun 05, 2015 03:50 AM
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I've had the same experience disputing inflated BIOs on REO properties. A good agent can make the case, as you did so successfully. This is where having an experienced agent makes all the difference!

Jun 05, 2015 04:02 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I'm seeing more and more short sales this year too.  And it's good to know a tried and true approach to getting those outrageous BPO values down.

Jun 05, 2015 11:14 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I've had that fight with Freddie Mac. I won.  And it wasn't easy and it took weeks.

Jun 05, 2015 11:15 AM
James Dray
Fathom Realty - Bentonville, AR

I can just imagine you in front of the giant with that sling shot waving it over your head preparing to hurl that stone....  

Jun 05, 2015 08:12 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Elizabeth.  We have out of STATE agents doing BPO's.  They don't have a clue.

Jun 05, 2015 08:47 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Elizabeth, after all these years, the short sale process continues to be the murky underbelly of the real estate industry.  

Jun 06, 2015 09:14 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Congratulations Elizabeth! It is really impressive.

I've read the blog and adding a letter from the buyer is something I never thought of.

 

Jun 07, 2015 04:52 PM