Need Fannie Mae Phone #'s or contacts

My listing is a short sale with Wachovia....We listed at 299k, gradually reduced price to market value of 180k in Oct 2008. Wachovia loss mitigator told me appraisal done 10/08 was 195k. I later discovered it appriased at 187k. In Oct 2008 I recieved 3 offers if approx 185k and all offers were turned down by Wachovia as not acceptable to "investor". They ordered another appraisal on my vacant listing in Mar 09 and they are telling me it came in at 223k. 40,000 appreciation in this market over less than 6 months would raise anyone's eyebrows.I have contacted Fannie Mae on 4 seperate occassions over the past month beginning 4/22/09. Today I was told that since I called to follow up, each time I call back I am put back on a new waiting list and that is why Fannie Mae has done nothing. I recall similar behavior from Countrywide recently.If anyone has any wisdom to share I would love to hear your input.This situation does not benefit any buyer,seller,mortgage company, or Fannie Mae. Any Suggestions?

I had the same thing happen with Chase. I was finally able to get the Negotiator to send me a copy of his handy dandy appraisal. After looking over the appraisal I noticed that all of the comps that where used where regular sales with NO REO properties and One Short Sale Comp. After pulling up my comps I found there where a couple of REO's and Short Sale properties that sold that where more comparable to the subject. When I called the Negotiator he told me that it was the investors policy to use Regular Sales when they where doing the apprisal on short sales. They Value they came up with was $268,000. After fighting with the Negotiator for a week he had the Appraisal company do a New Appraisal using REO and Short Sales as for the comps. Now the appraisal came back at $233,000!! Right where we needed it. You might be having the same problem. Also good luck getting anywhere with Fannie Mae, I have tried going that Route a bunch of times and I was running around in circles getting no where!! Not sure if you have done this but I would pull up comps that are comparable to your Subject and see if you come up with 185k. If you can justify 185k with your comps I would try to get upper management involved. See if you can get a copy of the appraisal so you can see what comps they are using. Just my Twocents!!

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Joseph Kipping May 22, 2009 at 4:14pm

I had the same thing happen with Chase. I was finally able to get the Negotiator to send me a copy of his handy dandy appraisal. After looking over the appraisal I noticed that all of the comps that where used where regular sales with NO REO properties and One Short Sale Comp. After pulling up my comps I found there where a couple of REO's and Short Sale properties that sold that where more comparable to the subject. When I called the Negotiator he told me that it was the investors policy to use Regular Sales when they where doing the apprisal on short sales. They Value they came up with was $268,000. After fighting with the Negotiator for a week he had the Appraisal company do a New Appraisal using REO and Short Sales as for the comps. Now the appraisal came back at $233,000!! Right where we needed it. You might be having the same problem. Also good luck getting anywhere with Fannie Mae, I have tried going that Route a bunch of times and I was running around in circles getting no where!! Not sure if you have done this but I would pull up comps that are comparable to your Subject and see if you come up with 185k. If you can justify 185k with your comps I would try to get upper management involved. See if you can get a copy of the appraisal so you can see what comps they are using. Just my Twocents!!
Susan Paige May 22, 2009 at 2:09am

With appraisers on a rotating business assignment we are seeing some come in over what we would consider in the market. I fear we will be seeing more of this. I wonder what the outcome will be. As to being put on a long hold with fannie mae? They are working towards releasing a multiple of reo homes and I wonder if that prework up is holding them back from getting answers to you. Have you sent them solds to let them know what is happening in your market area? of course you have. I would love to know how it all works out for you. Good luck.

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