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Answers (6)
- jrkukuk
- Contributions:16
It has not gone to forclosure yet, It is being relisted as a shortsale again with a higher asking price than the original. Aurora bank is in 1st position and they requested the BPOs.
- Liberty Mortgage
- Contributions:470
The answer is simple. Once Fannie Mae takes a home back on a Foreclosure, they can then sell the home under what is called HOME PATH. The advantgage to the buyer is that they only need $100 down. The disadvantage is that no appraisal is needed. This means that Fannie Mae can sell the home for any value as they dictate the price and since no appraisal is needed, they can get whatever they want for it. There is no reason for them to allow you to short sale the home.
- jrkukuk
- Contributions:16
Rudi,
Sorry if you feel that way. I am a First Time Home Buyer and have never asked any of these questions before. Now if some of your fellow collegues out there in zillow world respond to those answers with spam, that is an ethics problem for them. I take all the advice I can recieve due to my lack of knowledge on this area. You being the experts, I would expect you to be lead me down the proper path. If you think I am spamming search my threads and see what I have asked, nothing that any other person has not asked before or something you and the others have not dealt with in the past.
Sorry if you feel that way. I am a First Time Home Buyer and have never asked any of these questions before. Now if some of your fellow collegues out there in zillow world respond to those answers with spam, that is an ethics problem for them. I take all the advice I can recieve due to my lack of knowledge on this area. You being the experts, I would expect you to be lead me down the proper path. If you think I am spamming search my threads and see what I have asked, nothing that any other person has not asked before or something you and the others have not dealt with in the past.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
THIS GUY IS SETTING THIS THREAD UP FOR ANOTHER SPAMMING ENDORSEMENT. SEE: http://www.zillow.com/advice-thread/Guaranteed-Rate/350406/
Happy funding, Rudi
Happy funding, Rudi
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Whether it is common or not, FNMA is the owner. They also aquire what is called an REO which is basically an independent appraisal that is not from the "listing" broker. I take it that the list price is slightly (percentage-wise) higher than the BPO. My guess... less than 10% spread and probably 5% +/- crumbs. They are taking a big hit anyway and are simply trying to salvage as much as they can so they quit billing you and me for their losses. Hope that helped.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Who performed "Both BPO's" ...who were both working for?
Faniie May rejecting BPO?
I was asked to post this in Mortgage area to, so here you go. Fannie Mae has rejected both BPOs on a short sale and have came up with a price opinion of their own. They want to relist the house for 90 day at the new price higher than the original asking price. Is this common?
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