Fannie Mae Is Currently Manipulating Short Sale Prices

Posted on Nov 20, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate, your short sale specialist in Roseville and Sacramento. I wanted to talk today about Fannie Mae, the largest investor of real estate mortgages out there. What are some of the things that are going on right now with Fannie Mae-owned short sales? What’s going on right now with Fannie Mae more than any other investor is that Fannie Mae has made a decision to counter the offers higher than their market value on short sale transactions. In many cases, it may be 10-25% above fair market value. Fannie Mae is doing this because they’re trying to mitigate their losses, but what are the justifications for this?

If they foreclose on the property, they can list the home for sale and they can offer a financing alternative called Home Path. With Home Path, no appraisal is required, so they can ask a very high price for their property. This gives them the advantage because they can ask for any amount of money for the home that they desire as long as the market is willing to pay it. If the market is willing to pay it and use Home Path, then they can sell it. The only problem is that there are many Home Path properties out there that are listed too high and are sitting on the market. It’s not necessarily a great decision, in my opinion, with Fannie Mae.

There is a way around this, so if you have a Fannie Mae mortgage I would like you to give us a call. Just because you get a counter offer for a high amount on your short sale doesn’t mean you have to settle for that value. At the end of the day, Fannie Mae got bailed out by the federal government and by taxpayers, so we shouldn’t have to accept this kind of behavior. They’re going to put us right back in the bubble that started this whole thing. If you have any questions on your Fannie Mae mortgage give me a call, we’ll look at your situation and determine the best way to get your short sale approved.

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What Information Do I Need To Be Aware of When Completing a Short Sale with Fannie Mae or Freddie Mac

Posted on Aug 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. Today I would like to talk about some of the new changes that Fannie and Freddie have made to help streamline short sales. One of the things that they did is put out a set of guidelines to make it easier to get these through. One of the things is, if you have missed payments for a while, and if you are at least 90 days delinquent, you have a credit score that is below 620, you are going to require a whole lot less documentation than I’ve had to provide in the past on a short sale. From my understanding it’s about 90% less so we are basically just going to need an offer maybe a hardship letter and maybe a couple of other documents.

That’s good news which means that we are going to get short sale approvals with Fannie and Freddie a lot quicker than we have in the past. They are also taking a look at short sales for folks who are in imminent default. For example maybe you have an event that came up like a divorce, death, job loss, transfer. They are going to be looking at entertaining a non-delinquent short sale so you don’t necessarily have to miss payments to get your short sale approved if you meet certain criteria.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialists and we’re here to help. If you have any questions about how this might impact you or if you are considering a short sale, I definitely recommend taking advantage of the short or stay calculator on my website. If you have any specific questions about your mortgage you can give me a call or hit start here at the top of the page and we’ll get back to you as soon as we can. Thanks a lot and have a great day.

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The Lenders Fannie Mae and Freddie Mac have Made the Choice to Shorten their Response Times for your Short Sale!Fannie Mae and Freddie Mac to Shorten Response Times for Short Sales!

Posted on Jun 11, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. One of the things I want to talk about today is an announcement that came out about Fannie Mae or Freddie Mac owned loans. They have come out and decided to shorten their time frames. So they are going to be holding the servicers accountable who you make your payments to, whether it’s Bank of America, Chase, Wells Fargo or another lender. They are going to start holding them accountable and tightening their timeframes to when they are supposed to respond to you. This all depends on if you have completed a full complete short sale package with an offer.

Right now their goal is to get it down to 30 days, but if there are any value disputes it could take as long as 60 days. This is great news and at the end of the day it’s how it’s executed. That’s what they are telling us. Let’s see if the servicers will actually do what Fannie and Freddie are directing them to do. I expect that probably as a result of this new guideline that’s coming out if the lenders don’t follow these guidelines there may be some fines implemented by Fannie Mae and or Freddie Mac. So this actually could be a benefit in getting short sales approved and closed even faster if they are owned by Fannie or Freddie. So far they have been reasonably good if the servicer is doing their job. That’s the most important thing and then what do you do when the servicer isn’t doing their job?

Again, I’m Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialists and we are here to help. If you want to know more about this, I can tell you what my techniques are for making sure that it happens and making sure your short sale is looked at, reviewed and approved. You can also take advantage of my short or stay calculator to determine when your home might become an asset again and how long it might take before you break even. It’s a good indication of whether or not a short sale is the right decision for you. Please email us or give us a call today. We look forward to talking with you soon.

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Recent Fannie Mae Success Shows Why You Must Pick A Short Sale Specialist For Your File

Posted on Jun 8, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone Mark Peek here, your short sale specialist in the Roseville and Sacramento area, thank you for joining me today. I work with Keller Williams Realty in Roseville and Sacramento and update my blog to keep distressed property owners informed on their options for avoiding foreclosure. If you are unsure of what to do with your underwater mortgage, take a minute to browse my website or give me a call to learn more about your options for avoiding foreclosure.

Today I wanted to share a recent short sale success story involving a mortgage that was owned by Fannie Mae. This file was serviced by Wells Fargo and had negative equity of roughly two hundred thousand dollars. The offer we received was from an investment partnership which can sometimes raise a red flag with the servicer and owner on the mortgage file. In this particular case the offer was for fair market value and I have every reason to believe this investment group was buying the property to rent out in the future. Unfortunately the team at Fannie Mae had some concerns this Roseville and Sacramento property would be flipped for a profit and closed this short sale file before negotiations even began. Thankfully because I have experience working with Fannie Mae in the past I was able to contact their management team and make them aware of the mistake that was being made by one of their staff members. Sure enough, I was able to get the file re-opened fairly quickly and saved my client a lot of time by not having to re-submit the entire file.

For this reason it is very important to know that your short sale agent is an expert and has the right answers if your short sale runs in to any problems. To get started on your short sale file today give me a call to arrange a free consultation to sit down and get all of your questions answered. Thank you for your time and have a great day.

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