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Suzanne MacD…, Real Estate Pro in Morristown, NJ

Is anyone else having issues with Fannie Mae Short Sales? I have had TWO that have been rejected after one was already approved

Asked by Suzanne MacDowell, Morristown, NJ Wed Nov 21, 2012

The other was minutes away from approval when, suddenly, Fannie Mae demanded more money for the property. In one case it is an effort to get me to reduce my commission which is a direct violation of HAFA rules. In the other case they DOUBLED their demand price!?! Anyone else having these issues? Any advice?

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5
Hi Suzanne,

Did you try contacting someone at the Fannie Mae resource center? (1-800-7Fannie) They usually respond within 48 hours after you leave a message.
0 votes Thank Flag Link Fri Nov 23, 2012
Hi Marcia,

I did find the blog but it was no help at all. In both of my cases the bank is demanding more than the home is worth, in one case they originally wanted TWICE what the house is worth and when we provided them with mounds of paperwork and data showing the price they are getting is actually MORE than the house is worth they reduced that to only 50% more than the house is worth.

I am looking for advice or guidance on how to address these issues with Fannie Mae and to whom I should present my case.
0 votes Thank Flag Link Thu Nov 22, 2012
Marsha, the link does not work.
0 votes Thank Flag Link Thu Nov 22, 2012
Effective November 1st, Fannie and Freddie changed their rules as it relates to HAFA short sales. I think because tax payer's money is being used to maintain Freddie and Fannie, both are trying to cut costs however they can to limit taxpayer's losses from short sales and foreclosures.

Take a look at the link below for more details

ttp://www.zillow.com/blog/2012-08-29/new-short-sale-guidelines-coming-soon/


Best,
0 votes Thank Flag Link Wed Nov 21, 2012
Our best experiences with Short Sales and Foreclosures are when both Attorneys are enguaged in the process. If they are not, it is generally no fun at all. The worst part, it seems, is when the client forgets what you said about the possible problems and starts to wonder why we, their Realtors, can't get it done!
0 votes Thank Flag Link Wed Nov 21, 2012
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