Profile picture for dwalker606

Fannie Mae owned home -- Negotiator says FM says not to present offers under $100K.

On De. 2 I made an $80K offer on a FM-owned home in Delaware listed at $100K. We were told that another lower offer was pending with FM and to wait til that offer was 'done'. It had been made in October for $60K, by an investor interested in 'flipping' the property.The $60K offer was rejected mid Dec. and we thought that my offer had gone to FM but it hadn't. But now we're told by the Negotiator, which gets a 3% fee, that when FM rejected the $60K offer it told the Negotiator emphatically that it didn't want to see any offers under $100K. FM ordered another appraisal, but thatwill probably come in around the previous, and we see that too much work needs to be done to the house to make it worth that range. So the seller agent and the Negotiator just held my offer. Negotiator says that I can order my own appraisal if I want to try to show lower value but that would be expensive because professional inspections would have to be done as well. We've withdrawn our offer but the question that I'm left with is -- can FM refuse to look at an $80K offer on a home listed for $100K? And if it can, shouldn't the seller agent have told us that he was holding my offer on his desk? I don't see any advantage to buyers, when the offer is just being held by an agent or the Negotiator and isn't even presented to FM. And I think that FM isn't getting information that it should have, since my offer was in good faith, based upon what I could see of the condition of the house, etc. Shouldn't my offer be 'telling' FM something about the property that is worth as much or more than a new 'comp' appraisal?
  • December 30 2011 - Dover
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (8)

Profile picture for NileMorin
If you feel as though the offer is not being submitted because of the agent, our state allows the buyer to demand to be present during an offer. If it is the same in your state, you could pursue that route. The issue becomes when offers are submitted only through email or bank forms. In this case, it sounds as though they are speaking with a person and the offer should be able to be submitted. If it is the asset manager, they have control over their asset and the right to make any rules they so choose. A property cannot typically be re-appraised for 90 days.
  • January 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CrystalsSecondHome
When I've been presented with the "we cannot submit an offer" thing, I simply contacted the listing agent or the asset manager.  When the buyer's rep and the seller's rep refuses to work with you, you're free to contact the seller directly.  Might take some research and dilligence to find the seller, though.
  • January 04 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Find a realtor in your area that has extensive experience in that type of property. You are being jerked around.
  • January 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Banks routinely ask for BPOs-Broker Price Opinions to help determine proper pricing.  These may be drive-by, or full appraisals, and occur often enough to be accurate estimates on property value.  But you should still be able to offer whatever you wish for the property.

I am not sure what a Negotiator is, if that is a Delaware specific agent..

However, it may be time to hire a Realtor, an agent that will work on your behalf, and only your behalf.  They will know where to submit offers on properties in your area.

Good Luck



  • January 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for craigfial
Something is definitely fishy. First off, forget about the Zestimate. Nobody uses that to determine value. Check yo see if you can make the offer on line.
  • December 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Cindy Quinton
I was just reading something about AVM and or "drive by" appraisals being illegal. Is that true? It sounds like what has been done heere.
  • December 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for dwalker606
Thank you for your suggestions. We're told that Fannie Mae is making the ddecisions, owns the property. I don't know how to contact FM about why it won't even look at offers under the property's listed price.

I thought that we'd have to have professional inspections in order to support a lower appraisal amount than a 'comp' appraisal. I can see major things that need to be done but I wouldn't expect FM to take my word for that. A 'comp' appraisal is a basic one based on other sold property in the area. It doesn't really take the specific into account very well unless you're talking about extremes like gross obvious damage -- not the situation here.

Thanks.
  • December 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Without knowing the specific property I would recommend one of two things:

A. You attempt to contact the owner directly to get a straight answer.
     (An agent can not contact the seller if there is a contract in place for the listing, however, there is nothing preventing the buyer from contacting the seller).

B. You contact an agent in your area who handles short sales/ foreclosures who would be willing to work as your buyer's agent. There is no cost to you the buyer for buyer representation. It is paid by the seller of the property.

Something here doesn't sound right. This comment that "professional inspections would have to be done" in addition to your appraisal is wrong. The appraisal shouldn't cost you much more than $350 and there would be no other inspections necessary. I'm not sure that this would serve you any great purpose as a good buyer's agent should be able to see the property with you and then give you a professional opinion as to what it is worth based on recent sales in the area.
This wouldn't cost you anything.
Good luck!
  • December 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.