Sometimes it takes a village to close a short sale

Every short sale transaction has its own unique challenges and obstacles.  Yet, perseverance and dogged determination brings about a win-win solution for all of the parties.
We began a short sale where CitiMortgage was the servicer and Fannie Mae was the back-end investor.
After we submitted the short sale package to CitiMortgge they reviewed it for over two months and indicated the transaction met their criteria for a short sale.  
They submitted it to back-end investor, Fannie Mae, for final approval.  Fannie Mae surprised everyone when they proclaimed the property’s value was $35,000 higher than the offer price.  After repeated pleas to tell us which comps supported their much higher price, they simply said they don’t share their comps. 
Huh?  How is someone to have a dialog about differing opinions?
That’s when we called upon the US Senate and the US House of Representatives to intervene.  And, man, did they!  Gigantic kudos to Senator Patty Murray’s office and Representative Adam Smith’s office both who contacted Fannie Mae and, effectively, said “Come on! Play nice.  Sharing in the sand box is a good thing for all.”  (By the way, not a peep out of Senator Maria Cantwell’s office.  Not even an acknowledgement that we asked for her support … twice).
The seller paid for an independent full appraisal and submitted it to Fannie Mae as verified documentation of the current market value.
Three months later, Fannie Mae finally agreed that the current market value was indeed what the buyer offered to pay.  Yes, it really did take Fannie Mae three more months.
And so, finally, seven months after our first submission we successfully closed another short sale on terms and conditions acceptable to the seller.
If you are you know anyone who is struggling through this historic real estate downturn and recession, please have them contact us for a free consultation.  There are better alternatives than a foreclosure.  And the best defense is being educated about what those alternatives are.  Ask for our free report “Facts about Mortgage Challenges”

Successful short sales are a team effort and sometimes they even need the help of the US Senate and US House of Representatives.  We are not shy about bringing in the big guns when necessary!