Bill I dont think it was an appraisal issue. Typical REO. Highest and best bid. For HUD a lower owner occupancy intended buyer will trump a slightly higher bid; same with disability occupant. All cash bids trump financed bids, etc. With FNMA it seems they get extra mileage out of bidders that will use FNMA financing. I think Jeanie’s deal was more along those lines than a perceived low appraisal. Your spot on though in general about bidded properties blowing past supported market values. Bid buyers need to exercise predetermined price discipline. Broker I know paid more than 10% over for luxury condo in special location. Its one of those deals where the property had a “10% makes his wife happy, premium”

As an appraiser who completes 10 to 15 VA assignments a month, unfortunately Jeanie you can’t prevent other parties from putting in unrealistic bids to buy a property.  Although your bid was $250,000, and perhaps the winning bid was $250,000+, perhaps the appraiser determined the market value was only $245,000. Many of people have been coached into the game of overbidding, and hope the appraiser brings the price back down to reality. As the current owners have to move somewhere, perhaps they will simply lower the purchase price instead of starting over with backup bidders. Thank you for your service.

Jeanie, Im really sorry to hear about the bad treatment you received. From a fellow Vet, Thank you for your sacrifices.

Something you may want to look into if you have not already is the Special Adaptive Housing for Veterans. Its directly through VA (or at least appraisal is-staff appraisers, not the normal VA panelists). If you have not already done so, look into the SAH Program.

Its been about 7 or 8 years since I studied it and frankly I’ve forgotten most of the details. Best of luck to you!

Yeah doggie! I think that person just contacted me today. There are these awesome sites where if you copy the email headers, you can find real time scam info about email scammers and similar for call spoofers. I used to play the email them back games but they just shared my email, apparently ignorant that I was playing with them. You catch them through simple means, spelling and grammar use. Spelling cat has spoken, if you spell lose vs loose wrong, if you don’t pluralize correctly or put the verbs down with incorrect standard order, you might be a nigerian spammer. But over use of commas and run on sentences does not seem to be a fair indicator, thank goodness because I’m no good at that part.

Good day dear Beneficiary,

Our office is using this medium to notify you about your ATM card which we believe you might have forgotten about this your outstanding compensation payment due to delay on the delivery up till now. We are here by writing to inform you that your payment file was found in our Office and we discovered that your Compensation payment of $3.7 Million united state dollars Only have not been sent to you as it was instructed by The United Nation Organization body (UN) which our bank are affiliated as oversee partner.

1. Your Full name, ________________
2. Your home Address, _____________
3. Your telephone number, _________
4. Your age/sex, __________________
5. Your occupation, _______________

My name is (Head of major lending outlet pushing avm’s), my home address is that persons business address, and number, the age and sex is a fair guess, and the occupation is financial tyrant. Please do ring me back at your earliest possible convenience. Yours truly in thanks you.

As an appraiser we are tasked with two main objectives; identifying the appraisal problem and then finding ways to prove credible results with valuation solutions. Bidding with anything other than straight cash is a novel idea really, the heavy hitters bring cash but based on seller type, the seller may have biased interests related to longer term loan security. The differences between a true auction cash requirement and this other thing which is currently being called an auction via mortgage financing and gse clearinghouses of various names and nature. The only way to win mortgage lending is to pay cash and steer clear of financed debt as quickly as one may be able. VA has more allowances for veterans but that guarantee program has it’s own pitfalls and has also been in the news. VA is not some mythical central deal as many portend, it’s a guarantee program where the borrower ultimately has to navigate the system just like an fnma borrower, directly through their individually selected lender outlet. It’s a certificate program for lenders, opens up the door to an additional lending outlet for certain citizen type.  Best advice is to keep shopping and keep saving.  When you’re dealing with price focus you have to be ready for the elevated competition from better qualified borrowers to cash flippers and international investors. It’s a grinder out there. This blog is focused on both assisting consumers and hopefully correcting risky lending activity, for the most part. In CO you can’t get a townhome for those figures, strike while you can, explore diverse purchasing opportunities. What any commission based worker won’t tell you, is that you might get a better deal elsewhere with a completely different company. Keep shopping until you get there, keep saving to increase your competitive position when actually engaging for the buy. Cheers.

And don’t ever run late on your bill, otherwise you’ll be an easy target. If the Ocwen story is a reasonable illustration of how the mechanisms of consumer enforcement work in government, you can rest assured that after only another 10 million people are effected, someone, somewhere, will do something about it.

101 Fannie Mae Consumer Reviews and Complaints

This review/complaint by a veteran left me feeling sad and angry:

“I am a disabled veteran and was in need of a home with certain accommodating amenities due to my disabilities. I had put in bids on a home for almost six months, being turned down many times, even basically laughed at. After about four months, the price finally dropped into my price range, the range that Fannie Mae said it would never see. I put in a bid and got a response saying multiple bidders, place your final bid. This is a game where Fannie wants to steal your money. So I put my bid of $250k in and waited. After many times of me calling and pleading my situation, to which they could care less, I finally called and found out that I had been outbid. I was angry but understood. Then I found out that they passed my bid over only to sell to someone using their mortgage, for only $245k. This is one of the most grueling and painful things I have had to go through and put my family through.

It very much saddens me that a government ran agency would rather kick its own veterans to the curb. If you are a disabled veteran or a honorably discharged veteran, run away from Fannie Mae. They will show you no respect, and in the end not give a care about you or your family. I will continue to blog and write until the veterans who put their life on the line for their country get some fairness and equality. I have read nothing but horror stories about people dealing with these Fannie Mae criminals, how they bend and break the rules and nobody cares. I am sending a copy of this to my congressman and hoping he will help all the brave veterans get a fair shot at home ownership.”