Do I have the right to know why Fannie Mae rejected a home appraisal?
This was a short sale. Word came back through lender that Fannie Mae demands the sale price be raised by $40,000 -$50,000 with no explanation. Buyer was given 30 minutes (not kidding) to raise the offer or the whole process terminated.
Before I go looking into this, does anyone know of Fannie Mae internal guidelines as to whether I have the right to know why they did what they did?
jlk: why do you say that? They essentially said they would accept a higher sale price.
- loanmasteroneLv 71 decade agoFavorite Answer
The person or underwriter representing Fannie Mae is attempting to get the best offer possible for the short sale that can be obtained and as close to the mortgage loan balance as possible.
As far as the right of you to know the reason this is a contention that will be argued through the ages as you are the owner of the property but the agreement being made is between the seller and the bank (Lender).
With that in mind I am not sure they would contact you with an explanation.
I hope this has been of some benefit to you, good luck.
- 1 decade ago
Its not a rejection of the appraisal like jlk said.
Example: The person offering to buy the house offered $150,000. The appraisal came in at $200,000. Which means the house is worth $200,000. The bank will not sell the house for less than what the house is worth. Thats why Fannie Mae asked them to raise their offer.
- DebdebLv 71 decade ago
Other than your opening sentence, there's nothing about the appraisal. FNMA seems to think that the arrangement between you and the lender isn't adequate, and they want at least $50k more.
Did the appraisal indicate the house was less than whatever you offered plus the $40k?
Short sales seem to be pretty high-handed on the seller's part. You'd think that getting something for the house was better than letting it languish in mortgage limbo. The lenders/sellers don't seem to see it that way.
- hildebrandLv 44 years ago
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- Anonymous1 decade ago
That is not a rejection of the appraisal. It is a rejection of the proposed short sale.