I'm in the middle of fun and games with Bank of America regarding the value of one of my short sale properties. Bank of America is asserting that Fannie Mae is requiring them to counter the offer on the table at $285,000 (which is allegedly the full price of the BPO that was done). This is despite that fact that my BPO came in at $259,900 and the Appraisal done by the buyer's bank came in at $260,000.
It's also despite the fact that Fannie Mae has a very comparable REO property in a superior neighborhood in the same town that they now have reduced to $254,900.
At any rate, the negotiator (who is usually very good to work with) says that Fannie will not re-look at value because they "always do a full appraisal, and sometimes two, to make sure that value is accurate".
Well, as I have said to her on numerous occasions... they did no such thing. They had one BPO done which resulted in an over-inflated opinion of value.
I've been pushing this up the line at BAC with no results so I am looking to contact Fannie directly.
Any contact info would be greatly appreciated.
Jeff Hayward, Fannie Mae's Senior Vice President, National Servicing Organization
Good Luck. I haven't used it but I found it via google.