Fannie Mae and Appraisal Issues

Many short sale agents are in an uproar lately over Fannie Mae and its overpricing appraisal issues. It wasn't a horrible problem with buyers overpaying for Fannie Mae REO HomePath homes because buyers don't really know the value of the home they are buying. That's because there is no appraisal with HomePath. So, unless the buyer's agent runs the comps, a buyer wouldn't know.

But listing agents who work on Fannie Mae short sales know when the home is overpriced because Fannie Mae asks too much. For a long time, there wasn't much that could be done but to let the home go to foreclosure and pop back up as a HomePath sale. However, now an agent can request a review. If the price review is still abnormal and out-of-line, a short sale agent can go to Home Path short sales on the web and escalate.

More Articles by Elizabeth Weintraub:

• Short Sale Offer Tips
  
• Tips for a Bank of America Cooperative Short Sale
  
• How to Do a Fannie Mae HAFA Short Sale

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}