Loans, Debt & Credit - View Single Post - 2nd Appraisal Needed before they will assign negotiatior?????

freedspirit · 11-03-2009, 08:48 PM

I've had 2 'appraisals' for a SS property for BofA in Arizona.
1st was ordered by BofA... found out 2nd was ordered by Mortgage Insurance, which investor (Fannie Mae, I believe) took out on the property.
Long story short.... Mortgage Insurance turned down the verbal offer by BofA to accept SS ($88k sale price + $15k promissory note from seller).
So sounds like you might be dealing with Lender (BofA) and then the Investor (Fannie Mae/Mortgage Insurance).

11-03-2009, 08:48 PM	#3 (permalink)
freedspirit Member Join Date: Oct 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Appraisal Needed before they will assign negotiatior????? I've had 2 'appraisals' for a SS property for BofA in Arizona. 1st was ordered by BofA... found out 2nd was ordered by Mortgage Insurance, which investor (Fannie Mae, I believe) took out on the property. Long story short.... Mortgage Insurance turned down the verbal offer by BofA to accept SS ($88k sale price + $15k promissory note from seller). So sounds like you might be dealing with Lender (BofA) and then the Investor (Fannie Mae/Mortgage Insurance).