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Fannie And Freddie's New Short Sale Evaluations Are Way Off Base.
There has been a lot of talk lately in the short sale world about Fannie Mae and Freddie Mac countering short Sale contract prices at outrageously high prices.
As a Short Sale Specialist in Orlando, Florida I too am seeing really high counters from the 2 largest investors. An example is a property I had valued at $85,000. I listed it at $105,000 to try and get as much as we could for the property because I know that the higher the price the easier the short sale.
We negotiated an offer of $100,000 cash. The BPO came in at $110,000. The counter from Fannie Mae was $135,000!! Why is this happening?

My opinion, based on conversations with several bank negotiators, is that Fannie and Freddie are now delegating more Short Sale Approvals to the servicers as part of the new FHFA Standard Short Sale Guidelines For Fannie Mae and Freddie Mac that were  rolled out 1 November. BUT the deal has to come in within a certain parameter of loss to the investor. For example: "You can approve the short sales as long as our loss is not more than 50%"

 
So the ridiculous values are being ... more

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