Most of my short sales last year were Chase and Wells - I now have this BA Cooperative. This is a Freddie Mac and we all know what that means - Value. They gave me an approved price about $20,000 over the highest comparable in the area AND transferred the file to AMS. So HELP! After leaving various phone messages and sending through Equator messages asking what their current proceedure for disputing value is I finally spoke to the new negotiator yesterday. He informed me that since it is a Cooperative that I cannot challenge the value. I have to bring an offer at that price or switch over to a normal short sale. Does anyone have a contact at Freddie Mac so that I can see if that is in fact correct. Don't trust AMS. I have a great offer just above market and of course it was immediately rejected. Seller needs the relocation funds to move so I would like to keep her in this program if at all possible but even in our current market of multiple offers I can't forsee getting one $20,000 over market.
Sounds like you have an uphill battle ahead of you. You are stating the suggested listing is $20,000 over the highest comparable. What is the minimum NET being requested by the investor? How does that compare to the NET being offered as a payoff to the 1st? You may end up having to wait until the marketing period is up for a potential lower suggested listing price. What is the relocation incentive being offered? Would Freddie Mac be willing to give cash for keys or a relocation incentive on this transaction if it went through as a traditional short sale?
If you have any questions please feel free to reach out to us as our door is always open.
Wouldn't give me a net - apparently that is private info - it would be a miracle if they helped us at all. Has anyone gotten any relocation assistance going the traditional short sale route? The negotiator suggested that I move it to a traditional and that just maybe Freddie Mac would allow a relocation incentive. I just don't understand still why everything has to be such a secret. If we knew the rules going in, it would make for an easier transaction for everyone. They were offering a minimum of $5,000 relocation assistance to her, but would not give us an exact amount. Said it depends on the offer. So we are still floating around in the dark.
She lost her job and her unemployment is running out. She really needs the relocation assistance. We are even considering going the Deed in Lieu route at this point, but even that is not a sure bet. I had one last year with AMS and they screwed it up so badly BA ended up foreclosing.
Yes, that info is correct, you'll need to ask to be switched to a "standard" short sale program. I had this happen at B of A, but the file was with DTS. Had to shut it down and start over in Equator.
AMS can be good/bad. Escalations has had consistent and good people. You might try giving them a call, talk about your issues and try to work the numbers out of them. They DO seem to want to help get the short sale done (although I haven't talked to AMS for at least 6 months, so it could have changed). I have found that you can get numbers from surprising places at AMS. I think my last ones came from the rep that answered the phone. (Oh, and have they dragged this out long enough that you should have a new BPO?)
You might also try talking to the BPO agent directly - some of them can be very forthcoming.
I would, indeed, call 800-freddie to ask about this "we don't care about the market or anything else, you use our over-the-top number or die" garbage. I don't think Freddie wants to be overtly known as an arranger of deck chairs on the Titanic. Get to an analyst at Freddie - you can get some very basic wrong information from the people who answer the phone. Let us know if you find anything good/useful.