Fannie Mae declines another solid short sale deal, seller stunned

By
Real Estate Broker/Owner with Home Realtors 208-870-5133 DB26967

Had 2 solid offers on my clients home. The asset manager countered back on the first offer $23K higher than it was worth. Buyers walk. (I know this because it was listed at this higher price and had plenty of looks, but no offers due to condition/distress)

 

Procure another offer within a week. New asset manager assigned. 2nd offer now countered $10k higher. Buyer agrees to go halfway and bumps it up $5k. Now the asset manager sends it to the oversight panel. No word. Auction date is fast approaching. Still no answer on Monday, auction is tomorrow! I call and call, email, call. All I get is, sorry no response fro the "panel"

 

So I call Seterus. They tell me the notes say no resolution, foreclosure moving forward, or something like that.

 

Then I recall a Blog I read here on AR from Mark Karton in Vegas; See this very good post below......

 

http://activerain.com/blogsview/3494672/fannie-mae-s-evil-plot-exposed

 

It appears to be very true. Fannie Mae definitely is up to something. And it is sad for the sellers. After I got word it indeed was bought at auction this morning, I had to tell my clients. They were stunned. No relocation assistance, nothing. When I dropped by to grab my lockbox and sign, the poor owner was sitting in the garage entry in a chair. Just sitting. Thinking, wondering, now what I assume. Tough and sad converstion.

 

You see, these folks at Loan Resolution told my clients if they cooperate and do this short sale, they could get some assistance to move and find a rental or something. They did everything they were asked. And got slapped upside the head again. Its bad enough they lost their jobs, now their home, and now they are with no funds to move. Now what?

 

This is the first time I have ever been tossed to the side with a perfectly fair offer on a Fannie Mae loan or any short sale for that matter. So it appears, this is the road we are going down now. Not good for sellers. Or the buyers that will overpay with a "no appraisal" Home-step offering. Great idea.

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Comments (7)

Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Dave I just wrote a post about this yesterday and it was featured.  Look on my blog and see what advice you can give your clients.  Time to act is now.

Nov 27, 2012 08:33 AM
David W. Hughes
Home Realtors 208-870-5133 - Nampa, ID
Designated Broker at Home Realtors of Idaho

Thanks Anna! Will do. This is getting ridiculous!

Nov 27, 2012 09:43 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Don't be surprised, there is no common sense with some of the turndowns of these short sales.

Thank you for sharing your post with all of us.

Nov 28, 2012 12:45 AM
David W. Hughes
Home Realtors 208-870-5133 - Nampa, ID
Designated Broker at Home Realtors of Idaho

Thanks Joe! This was a first for me.(Losing a shortsale to auction) I had read about it happening with Fannie Mae, and I knew this one was a Fanie Mae, so I was wondering if it would happen to this deal. And sure enough.

Nov 28, 2012 02:23 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

David

Thanks for reposting this. I will definitely look to see if this is happening here in the Napa Valley. cheers cvc

Dec 01, 2012 01:49 AM
Steve Shelton
RE/MAX Tri-State 256-810-4786 - Florence, AL
REALTOR, Florence, AL homes

Dave, All I can say is Ughhh. I hate it when this happens and it happens waaay to often. I can't figure them out.

Dec 04, 2012 12:33 AM
David W. Hughes
Home Realtors 208-870-5133 - Nampa, ID
Designated Broker at Home Realtors of Idaho

Justa quick update; The property sold for $108 at auction. We had a solid deal in place at $120. Just needed word from the so called "oversight" panel. No wonder they call it an oversight panel. Maybe it should be the "overlooked" panel.

Dec 05, 2012 01:09 AM