2nd Appraisal Needed before they will assign negotiatior?????

[seashells48]

Have had short sale offer at BofA since early August. Called every week, and every week have been told still no negotiator - they will escalate request. Today I spoke to "DeeJay" who told me that Fannie Mae always wants two appraisals (have already had one) BEFORE a negotiator is assigned. After almost 3 months they come up with this??? Also, BAC has filed foreclosure papers at the county - but I have not received even a letter or notice from them - but not to worry -"there's no sale date yet!" So what happens if there is a sale date before the SS is approved? "Oh, the negotiator will call to cancel it!" And what if I still don't have a negotiator? "Then you should call 5 days before and we'll cancel it". Yeah, right!!!

I think they just make stuff up to get you off the phone!

Seriously though - does anyone know if its true - Fannie Mae wants two appraisals before a negotiator is even assigned?

[Enough Already]

My realtor told me it's common for the banks to want more than 1 appraisal. As for the foreclosure filing I don't know. I would just keep in touch with them constantly. Call daily if you have to.

We've had a SS offer in with Chase since July, just had an appraisal done in October, and we're still waiting for approval. This is such a slow process. It's like watching the grass grow.

Good luck, and please keep us posted.

[freedspirit]

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).

[seashells48]

That sounds exactly like what is happening. I actually got a letter from the PMI company offering to help 'negotiate' with BofA - for modification. I called and told them about the SS offer and that nothing has progressed in almost 3 months. When the rep asked me who my bank was and I told her - she had the most hopeless sigh, then said they were the worst to deal with.

I just don't understand why BofA can't explain what is happening when you call. It might lower the frustration point - right now, it just seems hopeless.