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San Ramon Short Sale Update – How To Dispute Fannie Mae Short Sale Valuation

San Ramon Short Sale Update – How To Dispute Fannie Mae Short Sale Valuation

San Ramon short sale specialists have some great information on what’s going on in the short sale market right now. As you’ve probably noticed, in the last 9-12 months, property values have been going up and of course that’s great news for most homeowners in the Bay area.

One thing that we’ve noticed is that this has an adverse affect on how short sales are viewed and how the properties that are being looked at for short sale are evaluated. I’ll give you an example. Let’s say, for example, if we list a San Ramon short sale property whose fair market value is $500,000 today and it takes the lender 60-90 days to do their price opinion or for them to go through and review the file, the price actually may have gone up $20,000-$30,000 by then for that particular unit. Especially, if there is not a lot of inventory and there’s more buyers coming out of the market.

So the problem is that a lot of times towards the end of that process and the San Rmaon short sale approval process, they may come back and say we need to do a new evaluation on the property because the other one has expired. It’s in our best interest, obviously, because they’re going to think that they can get more for the property than it’s actually worth and so there becomes a price discrepancy on that.

So, Fannie Mae has addressed this. Fannie Mae has the largest holder of mortgage back securities. They’ve actually addressed this issue and they’ve given us information on how to contact them if we need to dispute the value. So, if they’re coming back and giving us a value that they think the property is worth however there is no buyer out there that is going to pay that amount, then we have to go to work for the Pittsburg short sale seller to be able to make sure that we dispute that value with Fannie Mae to make sure we get it in there with a buyer and with a fair price for the current market.

So, if you have any questions on the services we provide including San Ramon short sale properties and about how a short sale may work for you, feel free to contact us.

San Ramon Short Sale Update | Fannie Mae Valuation Disputes