Fannie Mae’s asking price: $260,000, or roughly 30 percent above the highest comparable sale in that area.
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That offer was actually made by Bank of America on behalf of Fannie Mae. As with many loans, one company can own the loan and another company can service it. Servicing a loan means accepting and managing mortgage payments from borrowers.
Fannie Mae gives loan servicers a minimum price that it’s willing to take in a short sale. The mortgage-finance company says it will even consider “close” offers, Wilson said.
Responsibility delegated
If the buyer’s offer doesn’t meet the minimum, then servicers like Bank of America negotiate on Fannie’s behalf. This delegated responsibility, in fact, was expanded in the fall as a way to speed up short sales.
If a buyer wants to dispute the Fannie Mae value, then the servicer can send it to Fannie Mae for review.
That happened in DePlachett’s case. Analysis of comparable condos, either listed at or sold for sub-$200,000, were turned in along with other market details.
Read more at: www.utsandiego.com/news/2013/mar/02/tp-short-sales-falling-apart/?page=2
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