Posted by michaela-ATL on April 03, 2003 at 08:49:47:
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short sale question - Posted by michaela-ATL
Posted by michaela-ATL on April 03, 2003 at 08:47:03:
Have been working on this shortsale with greenpoint for 3 months. My offer was 150k. I heard today, that Fannie Mae offered 180k to buy back the mortgage (or something like that. This is what the seller was told by Greenpoint.) What exactly does that mean? Am I competing with them? Does that mean I’m out of it? I’m definitely not interested in touching that offer with a 10’ pole. The most i’d pay would be 160k.
Would appreciate any clearification
thanks
michaela
Re: short sale question - Posted by Ed Garcia
Posted by Ed Garcia on April 03, 2003 at 09:21:02:
Michaela,
Fannie Mae is an insurer not a lender. What I think is happening here is that Greenpoint is trying to tell you that they have Fannie Mae on the hook for 180K, so why should they sell it to you for less. Now this may not be necessarily so because Fannie Mae can authorize Greenpoint to do a short sale for the 160K if they feel that that’s the best that they can do or is in their best interest.
Ed Garcia