Fannie Mae / Fannie MAe Housing
We recently went into contract with Fannie Mae in November. We found a house listed around 160K W finally placed a bid and got the property at 137 after they ended up reducing the price after 2 months. We saw the house and placed our bid. Fannie Mae and us knew there were issues in the house since the beginning, before it was even listed. We were told that we could get some relief of the work that would need to be done for the house to pass appraisal and inspection. We went ahead and ordered the inspection. Fannie Mae had to send out their de-winterization people for the inspection to be done. The first scheduling the guys never showed!!! The second time we set up a time with them speaking eye to eye. They agreed to be there the following Monday. Monday rolls around, no de-winterization guys!!! So we had the agents set up a time with everyone. This included both the inspector and appraiser. We all show up and the de-wint guys actually do show up. They were supposed to get up everything up and running properly. Bleed the pipes for the heat upstairs etc. Well they were rushing their jobs and left BC they had another 'job' to do. Once they left the appraiser was checking upstairs bathroom. Well the guys left the bleeder valve open on the heater in the bathroom. AN INCH OF WATER all over the floor. Well were do you think that water was going to go?? Since we had no towels, the water seeped through the floor and down to the kitchen ceiling.
This is after we went in 2x since we signed the contract, we found patches of ceiling and walls out of the kitchen and dining room. The sellers agent was never told about this and neither were we. We said those patches had to be fixed to the original condition of what we wrote the contract on. Fannie had someone come out to fix the patches BUT the house wasn't tempered and you cant patch drywall with out having the house tempered in winter weather!! The Spackle will never dry correctly. So everything looked horribly done, plus not in the same condition as when we had signed.
So as everything was in place for the mortgage and on our end, there were repairs that needed to be done to make the house a livable condition. The heating system was not working properly, leaky valves etc, the door jams in the front and back door were rotted, and the electric wasn't working on half the side of the house!
These things needed to be repaired for our bank to give us a loan on the property. Fannie Mae would NOT negotiate price nor negotiate fixing anything with us. A few weeks away from closing and they aren't even helping us buy our first home!!!
FANNIE MAE IS A DISGRACE!! They clam they want to get hard working Americans into homes but they cant even use some of their bailout money to fix what is probably peanuts in their eyes!!! I have never had such a bad experience in my life!! I can not believe they shattered a families dream with only weeks to go. And the worse part that act like they can do anything they want!! Isn't there anyone that should be controlling these people? Its a dirty business and they cant even sell half the house they buyout as it is!!!
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