We have one right now and we are trying to get them to come down on the purchase price because what they are asking is ridiculously too high.
From what I have experienced and what I have been reading they would rather stick to the high price and foreclose on the property. The relisted it as a homepath (with Fannie financing) and NOT require an appraisal.
This is a very brief summary of what they are doing. (you can read the long versions in the links below)
-Fannie Mae approves short payoffs at ridiulously high prices like the example I gave below.
-No one buys them.
-Fannie Mae forecloses or gets the property back in deed in lieu
-FANNIE MAE GETS PAID FROM THE MORTGAGE INSURANCE AS THE FANNIE MAE GOVERNMENT
LOANS ARE INSURED.
-Fannie Mae relists the property as a Homepath REO
-Fannie Mae then offers financing on these overpriced properties
-Fannie Mae then funds the new loan on their over priced property and DOES NOT REQUIRE an appraisal.
-Now the new owner has a new Fannie Mae loan on an over priced home that they are already upside down in.
Found this article: http://activerain.com/blogsview/3589527/government-controlled-nationwide-real-estate-price-fixing-is-here
If you want to sign the petition to get the government to examine this and change it then sign the petition here: https://petitions.whitehouse.gov/petition/force-fannie-mae-behave-responsibly-or-shut-them-down/vtY71bhk?utm_source=wh.gov&utm_medium=shorturl&utm_campaign=shorturl
For more information on all of this visit our forum: http://lvrealestatehelp.weebly.com/#/20130130/fannie-bpos-coming-in-way-high-anyone-else-ex-2346239/
If you are running into these same problems here are some links that can help you resolve the issue:
I hope this is helpful to all!