The Law Office of Michael E. Ripley

Exceeding Expectations

Fannie Mae is overpricing homes in California

As indicated in an article in the Union Tribune, of March 2, 2013, it is happening that mortgage giant Fannie Mae is overpricing homes in California, causing a number of short sale deals to fall apart and pushing the homeowners toward foreclosure.  According to the article, Fannie Mae is starting the short sale process by pricing homes at between 20% and 40% above neighboring comparable sales, which it makes it difficult to go forward with the short sale process for many homeowners.