Has anyone ever heard of FNMA countering at full principle amount of mortgage plus arrears on a short sale

Asked by Barb And Graham, 92253 Fri Mar 5, 2010

This is a home in la quinta, total mortgage of $541,000 and FNMA just countered at $560,000. This counter price is over $100,000 more than the last 2 sales in this community. Does this sound crazy to anyone else? At their counter this is no longer a short sale.

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Hena Martin, Agent, Hot Springs, CA
Sun Jan 27, 2013
Banks don't surprise me at any time ,keep at at if this is the home you want.HENA MARTIN BROKER
0 votes
Kimberley Ke…, Agent, La Quinta, CA
Sat Mar 6, 2010
FNMAE is notoriously high in their List Pricing for REO's..so this wouldn't surprise me. After having your realtor look very closely at the comps as mentioned below, you may find that indeed it is overpriced! If it's an REO, wait. At 30 to 40 days, the price will be reduced..offer again. You may get rejected again, but keep waiting. They are behind the eight ball in pricing, so you have to be patient and diligent. Remember however, that waiting means you may lose it so make your move based on what is most important to the two of you...not strictly price/sf.
Kimberley Kelly, Certified Short Sale specialist
HK Lane Real Estate Co.
Web Reference:  http://www.k2sells.com
0 votes
Elizabeth Sc…, Agent, Palm Desert, CA
Fri Mar 5, 2010
You might want to check the comps closer - what kind of shape is the property in? Go back 6 months and look for homes with similar square feet, built in the same year, with comparable upgrades - you might find that the $560k is reasonable! Your agent can quickly check this out for you but if you don't have an agent feel free to give me a call and I will be glad to give you this information -

Elizabeth Schulze
License #01860415
Keller Williams Realty
70005 Mirage Cove Dr
Rancho Mirage, CA 92270
760-969-1000 OFFICE
760-333-2134 CELL
760-770-9510 FAX
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Fri Mar 5, 2010
It could be they don't belive it is a short sale. You should have your agent follow up with the listing agent to find out exactly what is going on. There is more to that story...
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