Replies to This Discussion

Permalink Reply by Joe Beauchamp on June 18, 2013 at 3:07pm

WF is working for the investor - OK, in theory. You need to know who is setting the rules and their funky peculiarities. FNMA is well known at this point for boosting the price 20% above market value, for instance. FNMA and Freddie use BPO's which are often notoriously inaccurate and they use some database of "market value" which is often insane (you can probably get to it via your MLS and see for yourself - I looked up several FHA's because their appraisers are licensed and usually very good - huge differences between them and the database usually). You need to know where the negotiator's issues are coming from. You probably also need to attack the investor directly - you have a real appraisal - use it. Ram it down their throats. WF loses money on short sales, don't expect them to be gung-ho helpful.

If you get no traction, you will need to bring in heavy guns - get a state senator involved, complain to the state AG - someone who can make the bank/investor see that you are serious and not going to roll over (like most of the American public does and has).

Permalink Reply by Peggie Simmons on June 18, 2013 at 5:09pm

Joe,

Thanks for the Advice. Yes we have a REAL APPRAISAL!