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FNMAE Short Sales; I learned something new..
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FNMAE short sale changes
I got a call on Thursday last week from a guy that claimed he was my contact for a FNMAE short sale at Atlas Mountain in Desert Hot Springs. What??? I get calls all the time from short sale negotiation companies claiming they can “help me close my deals.” I don’t need their help. I close 100% of my short sales. I did call the servicer, GMAC, and they confirmed he was for real.
Here’s the deal….(not sure if it’s ALL FNMAE backed notes, or just GMAC)
If the investor on your note is FNMAE, the negotiation company, Kazork, skips the Servicer completely, GMAC in this case, and negotiates my offer directly with the Investor (FNMAE). Sounds great, right? I hope so. I have already submitted offer + supporting docs to GMAC, so it’s a redo, but oh well.
I list the property at Kazork.com. Agents submit offers at their assigned list price or above, and they are negotiated within 30 days. The catch? I’m guessing their list price will be too high..same as with B of A COOP program.
Why the change? The guy tells me there has been extreme fraud on the part of Short Sale List Agents. They are submitting low offers, getting them sold, then turning them again on the other end! What??? I attach prices on my Short Sales that are typically 10% or so below Fair market value. They get accepted..often takes awhile, but there you go.
Anyway….could be good. Keep you posted.
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