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Fannie Mae REO home sale, Sacramento Complaints & Reviews - breach of promise on Request for Repairs

Fannie Mae REO home sale Contacts & Informations

Fannie Mae REO home sale

Posted: 2014-01-15 by    Taken in Sacramento

breach of promise on Request for Repairs

Complaint Rating:  0 % with 0 votes
Contact information:
Results Realty
United States
I purchased a Fannie Mae REO home in 2008 with Results Realty as the listing broker. A Request for Repairs was added to the purchase contract and my real estate agent received notice from the seller's agent that all repairs were authorized on the list from
Fannie Mae, seller. However, two delays in escrow had already occurred because the Fannie Mae approved contractor was
not able to get to the job site. The Fannie Mae real estate agent contacted my agent that all repairs were done and the VA
appraiser could come and do his final inspection. Four repairs were not required for VA funding but were put into the Request for
Repairs as a safety situation : missing flu vent to central heating to vent it to the outside, missing gas cap, exposed electrical
wires in the attic and a broken garage door cable. Two of those items were done but the repair contractor sealed the only
attic entrance with wood screws and I could not physically get into the attic to see the work for myself. My agent requested a
work order or invoice to show the work was done in the attic, the listing agent said it would sent and never was. Escrow closed
and I had no ability nor reason to go into the attic until the central heating unit malfunctioned.
A repair technician discovered the missing flu vent was still missing and had never been repaired to vent the central heating
unit and immediately disconnected the gas to unit. He refused to fix the unit stating a serious hazard until it was vented
properly and I had to pay out of pocket to have the furnace vented. All this Fannie supposedly had authorized to be done.
The listing broker selects the Fannie Mae contractor from a list, acquires the job BID submits it and waits for authorization
to proceed. The broker is then responsible for detailing the work to be done, room by room for the repair contractor, is responsible for verifying the work was done and pays the contractor. The broker is then reimbursed by Fannie Mae a later date (usually after close of escrow) for their payment to the repair contractor. When I contacted the Listing Broker about the situation that I had
just discovered I was told "your issue is with the seller, Fannie Mae, I am not the seller". Fannie Mae's policies for brokers
and contractors is available for public view via internet. I think that was a cowardly answer and attitude by the Listing Broker. It was obvious that Fannie Mae as the seller intended to honor the Request for Repairs and she failed somehow in her duties in
communication with the repair contractor or to make sure the repair work was done before informing my agent that all was
completed. I failed to stop escrow when I couldn't get into the attic and went on mistaken good faith judgement that everything was done as requested.. It is a very disappointing situation and I believe Fannie Mae
should have issue also with the way their listing broker managers repairs and won't own up to their own mistakes. They may have a repair contractor that is less than honest and overcharging them or a listing broker that is doing so. It is a sad
way to maintain good buyer relationships. I certainly won't be a Fannie Mae property buyer again, they are too difficult to find afterwards should a problem occur. And I certainly will never buy anything or recommend anyone else do business with that listing broker.
Comments United States Mortgage Companies
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Sort by: Date | Rating
 15th of Jan, 2014 by   Common sense +2 Votes
None of this had anything to do with the realtor. It was your responsibility to make sure all repairs were done before closing. Once you close you own it, your problem.
 16th of Jan, 2014 by   Taken in Sacramento -2 Votes
I should have not closed, that is true. I do own that. If the realtor had done her job properly, there wouldn't be an issue would there?
Fannie Mae authorized all the work to be done. She communicated it incorrectly, the contractor didn't do his end properly OR there was an intentional fraud.
 16th of Jan, 2014 by   Champion of Logic +1 Votes
I don't think you understand what the word responsibility means Taken...
 16th of Jan, 2014 by   Taken in Sacramento 0 Votes
I understand what California Law Civil Code 337(7) saqys about written contracts and breach of contract by fraud or mistake and the "statue of limitations begins when the aggrieved party discovers the fraud or mistake". If the window feel out after I closed
escrow I had no contract to fix the window. That would be my total problem. If the repair contractor had repaired installed the
flu and it fell apart later after I took possession, their work has no warranty to me. That the work was not done per the contract
and Fannie Mae, seller's asset manager authorization falls to the Listing Broker per her contractual obligations to Fannie Mae.
She was the conduit for oversight of the repair project and the directing of the repair contractor. There is failure on both
parts. I checked everything that I was physically able to check.

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