As a member of Short Sale Superstars I have been made aware that Fannie Mae is not being realistic about list and sale prices of their short sale properties. I was the listing agent for an Orland Hills short sale home that we listed at fair market value according to recent comparable listings. We received a contract and the response was a price that never would have appraised. There was no chance at selling it short.
There are no guarantees with short sales but it seems like Fannie Mae would rather foreclose with their unrealistic counter-offers. They are countering above BPO's they are receiving. Most of the buyers I work with are not interested in looking at short sales because they don't have time to wait months just for bank approval. For those who were willing to take the chance, they usually were rewarded with an accepted contract price that was lower than market value.
We are asking you to sign a petition to force Fannie Mae to act responsibly on the We the People section of the White House.gov site. 98,478 signatures are required and we're only at 1,522. UPDATE: This petition has expired.
You might not have anything to do with short sales, but this behavior is affecting sellers trying to do what they consider is the right and best thing instead of letting their home foreclose. It is also affecting buyers that love a property enough to make an offer, usually waiting months to get an answer only to have their hopes crushed. And although you might not care about the agents involved, a lot of work is put into listing and marketing a short sale and the selling agent showed the property, wrote up the offer, attended an inspection and did a lot of communicating.
My team and I handle short sales in the southwest suburbs. If you are a home owner that is underwater on your mortgage and have a hardship, please call me at 708-536-8200 or use the contact form.