Fannie, Flagstar Reject Full Price Short Sale Offer, Prefers To Foreclose Instead

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Realtor, home seller baffled when bank rejects its own offer

VANCOUVER, Wash. – Stacy Baker fought for two years to sell her father’s house and to keep it from being auctioned off, but lost the fight even after her real estate agent said an offer was made to the bank that met its own conditions.

Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.”

Baker’s real estate agent, Aaron Signor, first tried to sell the house for about what was owed, but at $179,000 it didn’t sell. Over the following months, they lowered the price and got an offer at $134,000.

But Flagstar Bank, which services the mortgage on the house, rejected the offer, saying the house was worth $150,000.

Signor said several more buyers made higher short sale offers but they too fell through.

“We procured an offer of 165 (thousand) at one point, which the buyer found out, that with the condition of the house, it wouldn’t qualify for their loan. They walked,” he said.

Signor said the buyers were going for FHA loans, which only require low down payments. FHA is government-backed money but it comes with a lot of strings attached. For instance, the home has to be in good condition.

The home inspection for Baker’s house, however, found the roof in bad shape, plumbing and electrical problems, lack of insulation and the deck in need of replacing.

Signor said none of his buyers could meet that $150,000 Flagstar Bank threshold because mortgage brokers determined the house didn’t qualify for FHA money due to its condition, meaning in the eyes of the FHA the house wasn’t worth $150,000.

But then just days before the Baker house was set to be auctioned off, Signore said he brought Flagstar a viable $150,000 non-FHA offer, which is just what Flagstar asked for.

“Even the processor at the lender – Flagstar Bank – she thought, ‘Hey, you got an offer full price, we’ll get the foreclosure stopped; we’ll make it go away; we’ll have a sale.’ She calls me back and says, ‘sorry.’”

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Comments
3 Responses to “Fannie, Flagstar Reject Full Price Short Sale Offer, Prefers To Foreclose Instead”
  1. l vent says:

    Fannie, Flagstar, no doubt they are one in the same. Fannie is just assuming a new identity in order to cover-up for their own criminal activity. It’s like mortgage servicers, mortgage brokers, F/K/A, A/K/A, bank shut downs by the FDIC, it is all very deceptive as is the “banksters” sueing each other. This is the ways and means they use to HIDE THEIR TRUE IDENTITY. They are all working for ONE and ONLY ONE CRIMINAL ENTERPRISE. It is kind of like the words in the Who song, Babba O’Reilly, Meet the new boss, same as the old boss. I hope they know: They’re all wasted.

    • l vent says:

      Bottom line. Because of all of the FRAUD that the cabal committed, WE OWN OUR HOMES FREE AND CLEAR. President Obama, you must place a NATIONWIDE MORATORIUM ON ALL FORECLOSURES, NOW.

  2. If I understand correctly….with my brain filled with so much crap with these foreclosures…the banks makes more money on a foreclosure. That is why they drag for months and months and further down the road they deny the short. On YouTube,,,two guys explain it very good…where the bank actually makes very good profit and still has the house. It is set up for the banks…a sure win-win. My daughter has a friend in Michigan who tried 3 years to sell..times were getting bad, so she went to the bank to see if she could short sale it. So it went on the market as a short sale..along comes an offer of $90,000.00 and months later it was denied…back on the market…along comes another offer of $30,000.00 and the bank took it. So go figure that one out. But it took 5 years to get rid of the house. A foreclosure goes through alot faster, they get the house..than they start doing the figure work on ways to collect on insurance and all the angles of money making set up with the government and when all said and done..they have made a nice profit and still have the house to profit on. It’s all in the money…In a short, the bank has already taken a loss from what is owed and the house is sold. This may not follow the same trail in the money making angles as a foreclosure.

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