I specialize in short sales and about 6 months ago all I my Fannie Mae short sales (Even the approved ones) were coming back with values way above market price. I found that this has been going on across the nation.
Fannie Mae admits to demanding 20% more than market value for short sale properties - forcing homeowners into foreclosure. They then offer the properties to the public on their homepath.com website at 20% above market value and will give a federally sanctioned Fannie Mae bad loan for this price if the buyer "takes advantage" of not paying for an appraisal. These are the type of manipulations which destroyed the property market. As a federal bailout, Fannie Mae should be forced to act ethically and responsibly or they should be shut down.
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