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#420131 - 02/13/13 03:23 PM Fannie Mae- appraisal came lower
dial1010 Offline
Member

Registered: 01/19/09
Posts: 435
Loc: CA
Appraisal came way below the purchase price. Does fanie mae do the adjustment or to match the appraisal or buyer has to pay the difference? Its not $10 or $20k difference, its way more, crazy. I wonder why Fannie Mae list there properties so high.

Any feeddback?

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#420150 - 02/13/13 08:45 PM Re: Fannie Mae- appraisal came lower [Re: dial1010]
RecoveringREAgnt Offline
Veteran Member

Registered: 03/26/08
Posts: 1000
Loc: Los Angelesl
There are no appraisal contingencies if you are using the Homepatch financing.lol! If you are using regular conventional it is up the asset manager to decide if it is worth it or take another offer. In any case next time use their financing program to avoid all these problems.

Good luck!


Edited by RecoveringREAgnt (02/13/13 08:45 PM)

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#420155 - 02/13/13 09:11 PM Re: Fannie Mae- appraisal came lower [Re: dial1010]
sacbroker Offline
Member

Registered: 10/31/07
Posts: 330
Loc: Sacramento
Why would you want to use homepath and have your client pay more than the home is worth. Fannie has been inflating appraisals for years. Homepath is a total scam

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#420157 - 02/13/13 09:29 PM Re: Fannie Mae- appraisal came lower [Re: sacbroker]
CALIF DREAMING Offline
Veteran Member

Registered: 08/01/06
Posts: 1304
Loc: Downey, California
I agree with Sacbroker.....using homepath is not advisable. I get daily updates from Fannie Mae in my service area and there are many of their properties going back on the market.

The newly listed ones are always way overpriced.
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie

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#420161 - 02/13/13 09:37 PM Re: Fannie Mae- appraisal came lower [Re: dial1010]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2311
Loc: US
I had a deal die for this reason. Buyer had it pending for $165,000. Someone stole the plumbing, furnaces (two), and ac units (two). We provided three bids for $10,000-$15,000 in repairs. Fannie said no price reduction. The home appraised at $140,000 (FHA) in repaired condition. Sent that to Fannie and said no price reduction. It's still sitting for $160,000 with no showings. The asset managers are MORONS.

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#420170 - 02/13/13 10:38 PM Re: Fannie Mae- appraisal came lower [Re: dial1010]
jbt4re Offline
Major Contributor

Registered: 03/04/07
Posts: 2079
Loc: SWI
If it is an FHA or VA appraisal, it will be tied to the house for several months, thus hindering other FHA or VA financing for that value. I did list one Fannie Mae that the appraisal came in about $17,000 less than asking price and Fannie went with it as it was an FHA appraisal. If it's conventional appraisal, probably not an issue.

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#420177 - 02/14/13 12:22 AM Re: Fannie Mae- appraisal came lower [Re: jbt4re]
FLBPOREALTOR Offline
Member

Registered: 12/11/05
Posts: 314
Loc: Tampa Bay FL
I always wondered this as Homepath has been listing them 20-30K above market value and most sit on the market, which is not normal right now in my area unless it is listed too high. Let us know how it works out with your buyer. Did they get the price reduction with their appraisal.

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#420181 - 02/14/13 12:59 AM Re: Fannie Mae- appraisal came lower [Re: sacbroker]
Traveler Offline
Major Contributor

Registered: 11/14/00
Posts: 2500
Loc: The Coast
How many billions will they be asking for this month I wonder? After all this, they still have the need to stiff the populous with ridiculous prices.

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#420221 - 02/14/13 09:25 PM Re: Fannie Mae- appraisal came lower [Re: Traveler]
dial1010 Offline
Member

Registered: 01/19/09
Posts: 435
Loc: CA
Update- They lowered only $15k which is not bad and my buyer is happy but they still did not match the appraisal. I would never go for homepath financing.

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#420239 - 02/15/13 04:51 AM Re: Fannie Mae- appraisal came lower [Re: dial1010]
FLBPOREALTOR Offline
Member

Registered: 12/11/05
Posts: 314
Loc: Tampa Bay FL
was it a cash deal or financing. If financing I am assuming your buyer paid the difference. I can't believe they didn't lower it to the appraised price, well it is homepath, so I can believe it.

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#420827 - 02/27/13 09:12 PM Re: Fannie Mae- appraisal came lower [Re: FLBPOREALTOR]
dial1010 Offline
Member

Registered: 01/19/09
Posts: 435
Loc: CA
It is not a cash deal, it is finance.

On another note, for another property, again its fannie mae and an older home, termite report came and lots of finding, i haven't seen the cost yet but i'm assuming around $4k. Can my buyer counter even though we are in contract already?
10 day inspection contigency and we are on day 9 today.

btw, it is a cash offer.

My question is have anyone come accross when you are in contract, and they lower the price due to termite issue? I wanna try this, you never know, all they can say NO :-)

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#420840 - 02/28/13 12:26 AM Re: Fannie Mae- appraisal came lower [Re: jbt4re]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2311
Loc: US
Originally Posted By: jbt4re
If it is an FHA or VA appraisal, it will be tied to the house for several months, thus hindering other FHA or VA financing for that value. I did list one Fannie Mae that the appraisal came in about $17,000 less than asking price and Fannie went with it as it was an FHA appraisal. If it's conventional appraisal, probably not an issue.


FHA and they didn't care. From what I've been told is they stick to the house for 3 months.

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#421798 - 03/18/13 07:09 PM Re: Fannie Mae- appraisal came lower [Re: BpoBill]
dial1010 Offline
Member

Registered: 01/19/09
Posts: 435
Loc: CA
Is it easy to get an extension on fannie mae properties? Its so hard to work with this listing agent. What an attitude he has!
This house has dirty carpet, paint issues and the previous owner converted one garage to room w/o permit, so UW has an issue because appraiser was so detailed in his report.
Buyer agreed to do this work done at his own expense and got bid and it has been under review by UW. There will be an escrow hold. I have never done this before but we don't have enough time. This friday is the last day to close the deal.

I hope the listing agent will help me for an extension which I doubt it. We will ask for one week extension. If the listing agent doesn't help me I'm thinking sending an email to an asset manager. While back when we had an issue with appraisal he replied to me and bcc to an asset manager so she replied to him and cc me that's how I got her email. I know its not wise enough to send an email to a asset manager but I have no other choice.

Anyone have fannie mae blank addendum for an extension?

Any feedback please?


Edited by dial1010 (03/18/13 07:11 PM)

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#421925 - 03/21/13 02:21 PM Re: Fannie Mae- appraisal came lower [Re: dial1010]
dial1010 Offline
Member

Registered: 01/19/09
Posts: 435
Loc: CA
COE is tomorrow but have not received extension from FNMAE yet.

I emailed listing agent and called him, so hard to work with some of these listing agents. Loan is approved and buyer is signing the docs tomorrow. I know FNMAE needs 48 hours to review the HUD.

I do have asset manager email and contact number but haven't contacted her yet. Should I contact her? I don't want her to get mad :-( What should I do in this situation?

Please help!

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#421956 - 03/22/13 04:41 PM Re: Fannie Mae- appraisal came lower [Re: dial1010]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2311
Loc: US
Originally Posted By: dial1010
COE is tomorrow but have not received extension from FNMAE yet.

I emailed listing agent and called him, so hard to work with some of these listing agents. Loan is approved and buyer is signing the docs tomorrow. I know FNMAE needs 48 hours to review the HUD.

I do have asset manager email and contact number but haven't contacted her yet. Should I contact her? I don't want her to get mad :-( What should I do in this situation?

Please help!


I would never contact the AM, but if the listing agent is unresponsive then it might not be a bad idea. Especially if the contract is expiring. All you need to extend a FNMA is their amendment form.

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