Sign up for this week's free webinars hosted by experienced investors or view previously-held webinar recordings in the Archives. View all Local Real Estate forums. Hey everyone, I figured I'd ask here because I know many of you have dealt with Fannie mae a lot. I've been having a problem with a listing and wanted to know if this is common or if something's wrong. There aren't a lot of REOs in our region.
I've seen quite a few, such as a mobile home on foundation on Silver sparkles olsen twins acres of land, that the land had the right name on the deed, but the mobile home had a previous owner's name sucls its title. Fannie mae sucks hardest part of the job was some of the time commitments. I've been told that Fannie Mae has a lot of departments so often one hand doesn't know what the other is doing, so it might just Fannie mae sucks system delays. Not sure what's next. Upload your resume Sign in. Find local real estate meetups and events in your area.
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View all Local Real Estate forums. Hey everyone, I figured I'd ask here because I know many of you have dealt with Fannie mae a lot. I've been having a problem with a listing and wanted to know if this is common or if something's wrong. There aren't a lot of REOs in our region. One caught our eye on Homepath because it's fairly underpriced given the low availability.
The listing had been on Homepath for over 2 months and had 2 price drops. Since it was still listed as active, we called Fannie Mae just to verify, and the supervisor or the 2nd line person, whatever they are called said they hadn't even received an offer on the house. But there wasn't much we could do about it. We figured we would try a different approach and contact a buyer agent. She contacted the listing agent to get us a viewing, and he once again says it's sold.
In one month, we still haven't been able to see the house.. I find it kind of suspicious, almost as if he always says it's sold and lets the price drop, but can't exactly verify it.
I've been told that Fannie Mae has a lot of departments so often one hand doesn't know what the other is doing, so it might just be system delays. Anyone have any insight?
There aren't a lot of opportunities in this area and this listing agent pretty much has ALL of the REO homes so I don't want to confront him and be wrong, if that makes sense.
Odd, usually homepath. Call FNMA, and file a complaint. My suggestion is have your buyer agent go online to Homepath. If it shows as available, upload an offer, see what happens. You'll have an inspection period, so no risk. The offers go directly to FNMA, not the realtor. He will get notification, but you'll find out what's really going on. Check your local court house land records to see if the deed has transferred from Fannie Mae. It's not foolproof as the deed is not always recorded immediately, but if you say it has been weeks I'd check before doing too much other work.
Homepath is not updated as quickly as it should be. Many times I see homes go under contract on mls and not show under contract on homepath for days. Likewise a home will show back on market in mls but homeopath will take a couple days to update the site. Thank you for the replies. I'm glad to see I'm not crazy and it is indeed a little odd. I'll investigate it further. Earlier this week when he said it was sold, I didn't think too much of it and figured we'd forget this one and move on.
Based on your suggestion, we re-contacted an agent and it's active in MLS. In fact, this agent showed it 10 days ago. Anson Young and Wayne Brooks have given you good suggestions. There was a time when the listing agent was able to "game" things, but the homepath portal has made that less likely. I routinely see discrepancies between the listing status on the MLS and on Homepath.
There are also frequent differences between the asking price listed on the MLS and the asking price listed on Homepath. Personally, I rely solely on the information listed on Homepath. FNMA listing agents in my area often try to play games and manipulate the MLS status in an attempt to secure both sides of the commission.
I'm currently having a discrepency between the MLS and Homepath. This house became active on MLS yesterday, so I went to go look at it and decided to make an offer. When my agent went on Homepath. Agent called Fannie Mae and was told that the listing is not yet active and the offer will get bounced back to the listing agent. We then just sent offer to listing agent.
Not sure what's next. VERY frustrating!!!! The listing agent may know if another buyer has been countered by FNMA and in the process of negotiation or period of due diligence, so he tells you SOLD. Sometimes a listing agent will tell me the highest price on FNMA or Hubzu, as in "I have multiple offers and one is 15k above asking I think Wayne idea of getting a buyer agent to submit it to the portal takes out all uncertainty.
Let me clarify. You made an offer, multiple offer situation. Listing agent entered your offer. FNMA countered someone else's, fine. No meeting of minds, that buyer walks, what does FNMA do? Also when is the REO addendum required?
Last year I was negotiating with FNMA on a property and once they countered my price they sent me the big REO addendum, I only had to put in the state contract initially. Now they are requiring the REO addendum from the get go? It looks kinda fishy to me. I've seen quite a few, such as a mobile home on foundation on 7 acres of land, that the land had the right name on the deed, but the mobile home had a previous owner's name on its title.
FNMA is difficult enough the way it is, add in possible deed problems, it becomes impossible. FNMA should be forced to pay to restore the property to pristine raw land condition. Fannie Mae, well I used to sell Fannie Mae properties. Buying Agents submit to HomePath which puts the offer on the record. Then the listing agent has to submit it to the equator system.
If HomePath will accept an offer, go ahead and submit it. If theres more than one offer, chances are Fannie Mae will require the listing agent to press the Highest and Best notification button. Join the millions of people achieving financial freedom through the power of real estate investing.
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Services Landlord Resources. Real Estate Listings Buy and sell real estate deals or seek out partners, financing, etc. Get the book now. Real Estate Books Shop books covering real estate investing and personal finance. Search Nova. Log In Sign up. Start a Discussion. Here's the deal in as few words as possible: There aren't a lot of REOs in our region. It was listed as active so we contacted the listing agent directly, but he said it was sold. It's still listed as "back on market" on Homepath.
Thank you for the information. Rotate Log in or sign up to reply. Have an agent check mls as that is the best way to know the status changes.
I'm kind of confused. Yes, this is a common problem for FNMA owned homes listed with traditional agents. Even if the home is listed as. Or they could be manipulating. Do they look at the other offers and make a decision?
One agent told me this is what they do. Another listing agent said I must resubmit the offer again for round 2. Which is it? There are always delays with the mls and fannie homes etc.
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I have never been late on any payment and when I asked what eligible means I got no answer. Our sewer backed up into our shower and our half bath. So we looked over our inspection. It said our septic and sewer work good and the septic tank was about 20 feet from the house. We have had two different septic companies out and they cannot find a septic. We had to pull up the floor in the kitchen, hallway, both bathrooms and the sewage was under the house draining out.
The kitchen sink was not hooked up and also draining under the house. We found that the structure of the home was NOT in good condition.
The joist were routed and some laying on the ground. As they said the structure of the home is found to be in good shape. So we have sunk every penny into this home and we are walking on plywood covering the floor because it needs fixed and we can't afford it.
My husband and I are both on disability and have no extra money. The name of the inspector is the same person we met at the title company when we signed off on the house. So now what do we do? We can not afford an attorney. After my husband's death I fell behind in payments. Tried for modification was denied because they said it would not lower my payments the required amount.
Said I could get a repayment plan. OK They said I was 6 payments in arrears not consecutive. After my sending all my payment copies was changed to 4 as I stated. OK Set up the plan. Pay the 4 months of which April was to be the last according to my account on their website. The place is basically a call center. You never get the same person in the same state who gives you the same answer as the last one.
Next day I call to see what my monthly payment would be. Great, I can start to pay my sister back. Next day a notice of foreclosure comes certified mail. I call AZ this time. I explain about the repayment plan. I call the next day TX this time. Tell the girl my story. Put on hold.
She comes back and says "I see the problem. The monthly plan should have been for 7 months. Even counting my regular mort payment. It shows you defaulted even though it was our accounting error. Fannie Mae should be more careful who they sub their mortgages to and I am contacting my reps today.
This is robbery. For more information about reviews on ConsumerAffairs. April of , I was seeking to negotiate with Fannie Mae's loan's servicing agent Sovereign Bank for a reduction in mortgage loan interest rate of our rental properties. Upon first contact, my finance officer was told by the loan's servicing agent that the loans had to be 45 days in default to discuss modification. I stopped payments and placed the exact payment amounts in safe recovery. By my doing what we were told was entrapment to place our properties in default.
At a foreclosure mediation, I and my finance officer offered a plan to reduce the loan's interest rate. Through my foreclosure attorney, I offered to make the loans current by bring all back payments up to date and pay attorney's fees. This was refused and 6 and 7 months later the foreclosures took place. During the foreclosure and 2 Court hearings partially representing myself I requested documentation regarding my loan's servicing.
Fannie Mae, through its foreclosure attorney and loan's servicer, would not provide, denied and lied about such documentation being privileged or non-existent. Santander Bank grossly violated the default prevention requirements of this Fannie Mae document.
Fannie Mae was aware of their servicing guide. The two Fannie Mae personal present at the foreclosure mediation of June 2, stayed silent throughout the mediation. Fannie Mae is a money making business. Through the U.
Have eviction rights and laws which a supposedly Fannie Mae realtor violated but not sure who he really was. Bank and its attorneys seem to know nothing about it?
And this guy said, "So I heard", that he had called the banks attorneys not on the case and at first it was acknowledged they gave permission then that changed. I suppose he's just going to put the check in his back pocket since no ones knows anything. One big cover up I'd say. House was not vacant or abandoned. Tricked by this so called person and he had all intentions of selling it within a week of throwing me out.
It's in the courts? No papers signed or given. No marshall. No nothing. So I guess anyone without papers or ID can take your evictions rights away, DUMP your things and violently destroy the property very quickly and just put it on the market Bank denies they know?? It all smells and if Fannie is behind it they have a corrupt person working for them. And Fannie Mae is just as corrupt. This is illegal in CT. But they don't care about people rights, either does the attorneys and the bank.
It's become one big coverup Someone has to stop it. How could a bank and its attorneys not know nothing?? House just went on the market Sat Jan 6 It should be stopped. Work out the extra cost in the contract, whatever repairs needed to pass would be added to cost. We drop a deposit and waited. Months go by, they little repairs to the outside and no repairs in the inside. Then they send some regular looking people to paint, remind you the job literally looks like a 5 year old did it. Fannie Mae.
We're in conservatorship and really don't know what the future holds. Will we be eliminated, re-badged under a new company name?
Will our jobs be outsourced probably? Will our pensions still be around after we are "unwound"? I've gotta say, I never saw this coming. It's a scary time at Fannie, but the benefits are hard to let go of in such an uncertain economy.
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