I’ve been working on a file beyond two months; fannie mae being the investor. They are horrible. The Appraisal was done in April, value of 170k. At the time, an offer was in place at 165k well the buyer walked after 30 days. Though they take 45 to 60 days to get back to you - we found another buyer but the market, needless to say declined. House now worth only 145k. Second offer of 140k - lender said Fannie Mae would not accept but maybe if we countered a little higher than they would re-evaluate the value. Well 30 days later and the negotiator said no way - they want to net 147k and that’s that. That give us a price of about 158k. Well buyers walked. Anyhow, we’re not going to get a buyer at that price when the value is only 145k. I’m wondering if we really have an negotiation room when it comes to Fannie Mae loans. I had a few reps pulling for me and even said the Appraisal was outdated. I got pretty blunt this last time with the lender and told them the value had dropped so much that a counter offer was not in their future - and the buyer had walked. Wow did the attitude come out. At this point, I’m thinking it’s dead but wanted to see if anyone here had any suggestions? :flush
cruzvarian - based on your information, it seems that time is on your side. If the value went down the way you stated, they will probably not going to get the offer they want any time soon. They will probably sit with the property for awhile and then they will probably have to reconsider.
Two comments that may help:
1 - have you send them supporting information that the market value of the house went down the way you stated? I suggest you support your statement that the house is now worth less than before with some comps and/or appraisals. Telling them verbally that the house is worth less may not be enough to convince them.
2 - My suggestion (from a negotiation perspective) don’t show your frustration - you will only upset the negotiator and probably not get what you want. What you can do is keep your cool and tell them that you are sorry they don’t see things your way. That at the price they are asking it is not a deal - don’t get emotionally attached and don’t show them you are emotionally attached. The moment the negotiator feels you are emotionally attached you loose control. This is my experience with negotiation (not necessarily real estate related though).