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Fannie Mae / Listing Agent

IN, United States Review updated:

I viewed a REO property that was newly listed on Home Path and made an offer on Tuesday. The house was listed as having 3/4 of an acre but the yard looked much larger. My buyers agent tried to contact the seller agent about several questions I had about the property before we viewed it but was never able to reach him. My offer was for cash and I submitted proof of available funds as well as a down payment. I was offering the full purchase price because my agent and I felt the property was under valued. The listing agent confirmed by e-mail that he recieved my offer. He also confirmed that there was a second lot of 1/2 acre in the back of the house that went with the property. I went online Thursday morning to research the property and found out that the 1/2 acre lot had been for sale last May for back taxes owed and now owned by the county so it was not part of the property but could be available for back taxes.There were 2 more lots ajoining the property that were over an acre each and with river frontage that should have been included. The listing agent had not included these and I told my agent to find out if they were included. On Thursday afternoon the listing agent contacted my agent because he wanted a different fannie mae approved offer form used. I was leaving for work so we had to fill it out and submit it Friday morning. Listing agent told my agent he also took another offer Friday but wouldn't say for how much. On Monday I was told that the other offer was excepted and mine rejected. I have big concerns that my offer was never submitted or that the listing agent was working together with an invester and they had the property listed below value. How do I find out and complain? Who do I complain too?

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Comments

  • Ca
      Dec 04, 2010

    Google for "REO sales guide" ... it establishes how listing agents should work during the sales process

    It was published by Fannie Mae after its "secret buyer" study ... to evaluate listing agents/REO performance

    0 Votes
  • Jc
      May 15, 2011

    We have had a similar experience in western washington with trying to buy Fannie Mae owned properties. It's almost impossible to get in to see them during the 'first look' period. Clearly, the realtors are waiting out the 15 day period for more competition. We tried to make an offer on a house recently. It was listed as being on a septic system, which is a huge deterrant for buyers in our area (they're uncommon and people are afraid of them)-We couldn't help but wonder if this was an intentional error when our research revealed it was actually on public sewer. We requested our offer be submitted immediately. We were stopped by the listing agent who said that no offer could be submitted until "after the weekend"-she said it was a four day rule. Through more research we found that this property was past the initial four days and into the first 15 and that there was no reason an offer could not have been submitted. Clearly the realtor was buying time. She refused to provide an exact date she would submit the offer. Finally, we got another realtor who was perfectly happy to submit an offer for us, although he did admit that the bank had asked under market, most likely knowing it would launch a bidding war.My advice is to have a realtor submit an offer who is in no way associated with the office with whom the listing was placed. Incidentally, we were unable to access the garage, nor confirm the foundation or important details about the house-although we didn't fault the realtor, but rather the fact we're doing a govt. transaction, which are predictably full of flaws.

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