Fannie Mae & Appraisals? 3 posts by 2 users

Posted: 11/15/2008 at 06:12PM

I accepted a full price offer of 115K with 6% back to buyers for closing costs/downpayment. This being Fannie Mae, they require
2 appraisals. My first came in at full price. The 2nd came in at 106K. This really screwed me as now they won't approve the loan for no more that 106K. I'm told with F.M. if i pass on this deal the
appraisal is stuck with this house for 6 mos. So I have to hope for other qualified buyers non Fannie which are most here in S.E Mi.
I have lots of room in this deal so I'm going forward with the closing date. But what really upsets me is I've sold 3 other 3BD 1 Bath brick houses with 2 car garages in this neighborhood this summer. They all app. over 115k. Now I'm worried this guy just
lowered the bar for the neighborhood.

My question is this: My realtor has 3 times requested a review with the app. co. and has been denied every time. He faxed over the 25k in rehabs costs and all my past sales and other comps in the hood. But they won't budge. Is there any other appeal process that others may be aware of with F.M. We even asked if they would average the 2 together. But no...

Thanks

Posted: 11/19/2008 at 06:14PM

Perfect,
Thanks for the lead. I already found the website and am reading up on this.
Thanks again.