CLOSED! Framingham Massachusetts Short Sale FANNIE MAE BACKED!

CLOSED! Framingham Massachusetts Short Sale FANNIE MAE BACKED!

Framingham MA Short Sale

Framingham MA Short Sale

Once again I have to give a shout out to Keith Shaw.  Keith is out of Keller Williams and we started to work together last year.  We’ve done several Massachusetts Short Sales together, but I think this MAY have been the longest and toughest one.  This property was up for foreclosure auction more than once, and the first offer we sent in Fannie Mae rejected and countered with over a $70,000 difference.  We were FLOORED.   So, we did a value dispute and Fannie countered at the original counter price.

The best part is I called CITI and had a nice discussion with the negotiator and told him the amount they wanted was absolutely crazy and that there was no way we’d get that price.  He basically said, “Sometimes Fannie just wants to foreclose.  They obviously think they’ll get more in foreclosure, so they’ll wait it out.” He was so cavalier about the whole thing I was disgusted.

This property SAT from last June until the first quarter of this year with no offers, so I have to ask, did this rejection

Keith Shaw, Keller Williams Short Sale Agent

Keith Shaw, Keller Williams Short Sale Agent

of the first lower offer make sense for Fannie?  Absolutely not.  They received NO MORE money by doing this a year later even though we got a $20,000 higher offer.  WHY because the mortgage payments missed for that year were $21,000 – It was a WASH.  I don’t make the decisions for Fannie, but I just don’t see why you won’t even consider countering to a REASONABLE amount on a sale.  They could have just COUNTERED $20,000 higher the first time, but nope, it was a $70,000 difference which we all knew would not happen.

So, thankfully Keith stuck in there and got the higher offer in and we closed a YEAR later.

Thanks so much to Keith Shaw, Julie in my office and of course everyone at Grugnale Law!

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