Well, I just sat in on the Fannie Mae webinar where they explained how they are doing short sales. I was struck by the fact that they insist that 1. we leave all short sales as "active" on the MLS even when our MLS service insists that we use things like"pending ss approval". They said they would consider it fraud if we do not keep these as "active".
2. They explained how they come up with their value and if you break through the garbage that they said, it is exactly what we have all thought was going on! They are truly manipulating the market to raise the values. This is a fact that was just proven by this webinar.
You can get the slides right now from the presentation at www.car.org/media/pd/Fannie_Mae_Short_Sale_REP_Presentation_2013_02...
The audio will be available in about 2 weeks at www.car.org/newsstand/news/fannieshortsalewebinar/
The only good thing that we have going for us right now is that we are now able to go around the sevicers and go directly to Fannie if we have issues by going to the homepath site.
As a personal note. I am so discusted by these folks at Fannie Mae that think they can do what they are doing to this market. They say they are looking at the BPO's and Appraisals and "when they think they are not right, they are correcting them" it makes me sick! IT looks like what they do is go to the MLS, pull of the highest value in the area, whether it is active, pending or sold, or if it is brand new or just updated or whatever the case may be, and using those values to say that the appraiser is wrong. In what universe is Fannie Mae qualified above an appraiser to decide a market value? This is obvious garbage in order to force our market and I am steaming angry about it....also, in what universe do they get to set the standards for our MLS's? When I brought up the issue for setting values high so they could foreclose and put them onto homepath where no appraisal is needed, it went unanswered....of course!