I know agents who were relieved when Fannie Mae had set up an escalation process for value disputes. I know, as a Sacramento short sale agent myself, I was pretty pleased to see a website established and a process put in place to address this monstrosity that seems to be taking over short sales all across the country. One of the biggest problems we have with Fannie Mae short sales is the fact that sometimes Fannie Mae doesn't want to do them. But Fannie Mae can't come right out and reject a short sale for no reason. So, it simply sets the market value too high for anybody to buy it.
When the real estate community rose up in arms against this practice and complained about it, Fannie Mae set up a website to escalate pricing issues. However, it is not a solution. It is a joke. The new BPO matched my value but Fannie Mae ignored it. I know the value because the BPO agent told me.
Read more in my personal blog today that exposes more problems at Fannie Mae. Read about A Sneaky Way for Fannie Mae to Reject Short Sales.