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Fannie Mae / MLS listing abuse

Phoenix, AZ, United States Review updated:

Please help me investigate a MLS listing abuse in Phoenix-AZ by Fannie Mae local office. After our offer was accepted and the property pulled out from the listing, it came back in MLS at a much-higher price without any comment or regard to the initial commitment.
This is the short version of what happened:
- House on the market at $142500, we offered $160000
- Notification for “highest and best” received, raising our offer to $165000
- Our offer is declared “the best” and 10 days passed by (supposedly Fannie Mae was working on closing the deal)
- The property is suddenly back on the market at a much higher price: $187700!!!

Once the closing process started, we’ve put on hold our home search and begin preparing for the big step, only to end up pending in the unknown. Unfortunately, it is now impossible to find another property similar to this one (same area-affordability). Why is it a government-own entity allowed to make shifting profits using tax payers?

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Comments

  • Be
      Jun 11, 2009

    You are not alone in this however, this isn't Fannie Mae doing this but the crooked real estate and REO reps. Put in a complaint with Fannie Mae directly. We bid on a repo from Fannie Mae. Offered 265k on a house and they accepted a lower cash offer of 197K. Come to find out the buyer was the former owner who lost the house in foreclosure. I will not stop until I get some explanation how this can happen
    D

    0 Votes
  • Me
      Jun 12, 2009

    This is very disconcerting. My husband and I found a house we love that is of course owned by Fannie Mae, the problem is it does not yet have an MLS# and every Realtor I have talked to and every FM rep has told me there is no way seeing the inside of the house let alone purchasing the house until it is listed with MLS. Considering the number of houses banks especially FM now own I find the fact that they can't identify this house appalling. Not to mention they are using OUR money and just sitting on these houses. The abuse of power is absolutely disgusting.

    0 Votes
  • Be
      Jun 13, 2009

    Yes however, go to the Fannie Mae listing site: http://reosearch.fanniemae.com/reosearch/ and look the home up.
    You will see what REO rep has the listing. The way this works is a company will be given the listing. From the site you will see who the listing broker is. If they just listed the house, there might not be a MLS# however you can call the broker and get on board with them to let you know when the house is listed. I suggest you go through the listing broker because many bidders and agents are saying that bids aren't being submitted. The listing agent, if he sells it to one of his customers, gets the full 6% commission and if a bid from another agent is accepted, the listing agent only gets 3%. There are no checks and balances in place to assure your bid will go in except that if Fannie Mae does not except your bid, they have 24 hours to send you written notice. Be sure you get that if your bid is rejected.

    I hate to be negative here, but, don't put your heart and soul into this one house. There is so much corruption and desperation in the housing market and you have to many times bid against cash offers. A listing agent is more likely to go for a cash bid because they close faster. Keep looking around but my experience is the market is saturated with deals and there is a lot of competition out there in the bidding wars. I bid on a house that was listed for 239k. It sold for 379k after all was said and done. The house was no way worth that however, the pricing climb represents agents telling people lies etc to get the prices up.
    D

    -1 Votes
  • Te
      Aug 21, 2009

    I agree with belai123. I think the listing agent we're dealing with is crooked. We submitted a full-price offer over a week ago and the listing agent did not reply until yesterday. Between that time, we contacted the listing agent's broker to complain, and the broker told us over the phone that our offer has been submitted to Fannie Mae; however, we finally received an email from the listing-agent saying that the property is under contract. Either the listing agent is lying or her broker is lying. Fannie Mae customer service rep informed us that the property is not under contract and so they escalated our call to the complaint dept. While waiting for a call from Fannie Mae, we emailed the listing-agent's broker (CC: the listing agent) asking to email us with a date of submission per our phone conversation. No one from the listing-agent's realty has responded. All we can do now is wait for Fannie Mae to call us back. I am so ready to sue the listing-agent if the property is sold for less than our offer.

    0 Votes
  • Bp
      Aug 28, 2009

    We are also dealing with Fannie Mae because our mortgage company's process in dealing with them though a "Short Sale". Our mortgage company did a (BPO) on our home, but Fannie Mae never did one at all to even show or see how much the house was worth. A cash offer came in for 35, 000 with them paying the closing cost. My mortgage company though that was a good offer because there (BPO) was at 42, 000 and with it being cash offer. We found out in two weeks that the offer did not go though because Fannie Mae counter offer at 50, 000 and we know for a fact that the house is not worth that. And how can you put a price on a house that you have never seen, that puzzled our realtor and mortgage company. What's sad is our mortgage company wanted to help but they could not, neither could they contact Fannie Mae directly by phone to explain the matter of the situation. Is there any one else that could help us in this confusion to sell our home.

    0 Votes
  • Sm
      Sep 10, 2009

    I feel Fannie Mae put one over on my husband and I they put a house on the mls agreed to our offer with us paying closing cost and set a closing date closing date has come and gone now we are having to pay for a extensions 1200.00. They give us two weeks for our home inspection and pest inspection which we did. The problem with them was the house wasent in Fannie Maes name to sell in the first place when they forclosed on the home they never had it put in their name so it wasent their house to sell in the first place. Also they was fighting to have the taxes on the title transfere waved since the are a goverment run company. Now my husband and i are still waiting for a closing date. We would walk away from this home but we have already put money into it. Someone please tell me how can they get away with this

    0 Votes
  • Hg
      Sep 27, 2009

    We are a buyer of a Fannie Mae property and currently have the contract in escrow. What we experienced so far with the listing agent is nothing but bad, and looks like it is going to get worse. I tend to agree with Belai123 that it is "the crooked real estate and REO reps" since we have not directly dealt with Fannie Mae. Can someone tell me where we can put in a complaint with Fannie Mae directly?

    +2 Votes
  • Re
      Oct 10, 2009

    Smalley, watch out!!! I am a buyer's agent and I just had a buyer in your type of situation; they had us to put his $3, 000 deposit at risk and the lender at the last minute ran into some problems. This was after the extension. Fannie Mae was made aware that the hold up had nothing to do with the buyer and they canceled the escrow and took his $3, 000 deposit. My client clearly has a case against the lender which we are filing with HUD and DOJ. But the hard part is finding where to file a case against Fannie Mae. They want MONEY right now so I would tell anyone, if you can stay away from their properties do so.

    +1 Votes
  • Sc
      Oct 23, 2009

    My fiancee and I were bidding on a house through an REO rep. The first time that we placed a bid the REO rep told our agent that we were in competition with another party. She asked us if that was our final bid, so we increased our bid. Supposedly Fannie or her asset manager said that the bids were too low. So we submitted another bid, but once again were told that we were in competition with another party. So once again we raised our bid and the REO rep told us that the asset manager accepted our bid contigent on Fannie Mae signing off on it. Our agent had us fill out all of the correct paperwork which we sent to the REO rep and we proceded to get ready to do an inspection. I had the electric and gas turned on and the REO rep turned on the water for us (thankfully the city wanted the current owner to do it). Our agent had a plumber coming in to fix some cracked pipes to prepare for the inspection when the REO rep told him to wait until Fannie Mae signed off before we spent any more money. Five calendar days later she informed our agent that Fannie had instead went with a cash buyer.

    I can understand if Fannie Mae went with someone during the bidding process, but after we were told that we were the winning bidder? We have a lawyer trying to get some information out of the REO rep, but we really don't know if it was the rep or Fannie that screwed us. We didn't have a signed contract so we can't sue them. We also had stopped shopping for a new place so it looks like we might miss the $8, 000 on top of everything else. Has anyone had this happen to them? We are going to turn them into the state department of commerce and the BBB, but does anyone know where at Fannie to complain?

    0 Votes
  • Co
      Jan 21, 2010

    I found this complaint board because I'm frustrated with the Fannie Mae listing agent on a 200K property. I'm looking for an honest place to complain. I believe that the listing agent is holding my contract back. I can only guess why but as said previously it might have something to do with commission. The foreclosed house is in no way priced bargain basement. I see that I am not alone in my frustration. Also it’s becoming clear that there are no lawyers willing to take on Fannie Mae and their corrupt agents.

    0 Votes
  • Vo
      Feb 18, 2010

    The REO broker told me after they accepted my offer before I signed the contract they told me if I wanted the 3% closing incentive. I would need to increase my offer by 3%. Is the 3 percent closing incentive advertised a marketing scheme.
    On their web site they say:
    1. Your contract needs to be signed on or after January 28
    2. Close before May 1
    3. Be an owner occupant

    0 Votes
  • St
      Apr 10, 2010

    Two weeks ago after bidding/Fannie countering, I finally accepted Fannie’s counter offer (which was 5% above the loan balance they foreclosed on, which I know from following the foreclosure auction). They first verbally accepted my acceptance, told me there were no other bidders at the time. Then a day later, after I had wired my 10% earnest money to their closing attorney because we were to close within one week, they told me there was another bidder, questioned was this my best offer, to which I expressed confusion. They then backed down and said, don’t bid again, we are going with you, we have a deal.

    Two days later, awaiting their signature, I was called (voicemail left) and told they had rejected my offer (recall this "offer" was accepting their counter) and signed a contract with someone else. About 10 mins before they called with this shocking news, they had emailed a Multiple Offer Notification (MON) form requesting a “best offer” bid within 24 hours (which I had not yet seen on the email). The call/message was to revoke this email and say Fannie was not conducting this sealed bid process. They had earlier sent me this blank MON form saying this is what would happen IF there were multiple offers.

    Neither Fannie, the asset management company they hired to manage the sale (Owen REO LLC), nor the local real estate agent would speak with me after this voicemail, which was then followed up a couple of hours later with a short email saying the same thing.

    I have sued Fannie and am seeking an injunction for them selling the property. Hearing date is soon. I am already over $10, 000 in legal fees quickly headed to triple that. The listing price was $260k.

    I have requested meetings with Fannie in writing through the closing attorney who says he is touch with the responsible Fannie Mae people, but he will not provide their contact information. No response to these requests. I am just asking them to explain to me what happened!

    The Fannie Mae customer support line in Wash DC will not provide names of someone to talk to, either.

    Please email me about your experience, even if you are one of the older threads. I want to compile a list of these. I will respect your privacy if you wish - I promise, and not disclose your email. Mine is [protected]@gmail.com.

    These are the people that got us in the whole mess, and now they are screwing us as they work out of the mess they created. I would have bid more in a proper bidding process, so we taxpayers are selling these assets lower than need be. I just want a fair shot to buy it!

    I am fighting this!!! I am prepared to pay whatever it costs to do so, as I feel terribly wronged and am standing on my principles.

    In regards to the comment on the 3.5% closing incentive, the REO broker said that I did not qualify because mine was a cash offer. I later checked with Fannie Mae customer support line and found out that is totally false. I would have bid more as a result, so I got screwed this way as well. I specifically asked this support line whether bids from owner-occupiers like me who get the incentive were evaluated as really not as good a bid from an investor who does not qualify, because this costs Fannie $$$. All he could do was quote me their policy that their mission is to put owner-occupiers into their foreclosed homes, hence the incentive.

    0 Votes
  • Tk
      Jun 18, 2010

    on april 7th bid on fannie mae property and outbid 1 week later was contacted and told winning bidder pulled their bid so i again placed offer and was outbid.2 wks. later was notified bidder had again walked away.i placed third bid and hurray i was highest bidder.after jumping through all the hoops of fannie mae and mortgage co. closing was scheduled for 06/18/2010.however 2 days before closing i received a email stating the foreclosure was processed incorrectly and contract was being rescinded.contract states that basically fannie mae can pull out for any reason.
    do i have any recourse?

    0 Votes
  • He
      Jun 20, 2010

    ARIZONA!!! GET THIS!!! BEWARE BEWARE BEWARE!!! I am in the middle of a Fannie transaction and have discovered some shaddy [censored]. We tried to cancel but they were keeping the earnest money...Here is the story.
    Offer placed, emailed back ( June 3rd)saying we were getting the offer accepted but they wanted 14, 500 in certified funds instead of 10k and they wanted earnest to be non refundable after inspection period is up and we were declining the 3.5% that was being offered...Well first there was nothing anywhere about the 3.5% so we told the list agent we wanted it. He said he had to resubmit the counter and did. The next day (June 4th) we got another email saying they were accepting the offer. I asked the list agent if we should start inspections and he said to wait until we got executed contract. DUHHHH, isn't that how it works????? We got fully executed contract on the 9th of this month. After a second look, the buyer decided there were too many steps and features that would not work for her medical conditions and decided to cancel the offer. We sent the BINSR in cancelling the offer on the 16th and notified listing agent on the 15th we were cancelling. I get no response from anyone and resend to everyone including the title agent. I get wrd from title we will need the fannie form to cancel and he sent email to list agent because he could not reach them either. Title agent calls me back saying they sent in an unsigned cancellation stating they were keeping the earnest money because we were outside of our inspection period. The titlerep and I determined this form meant nothing since it was unsigned by both parties but did let us know the intentions. I WAS SHOCKED!!! contract on the 9th and cancel on the 16th...7 days no matter how I add it up. I am ticked right now so I call up the list agent..."We're sorry the person didn't answer and mail box is full...try something else" so it goes back to the main greeting and I enter extension again..."Were sorry person is screening your calls and mail box is full so call someone who cares...blah blah blah...Finally after 10 minutes of continually redialing the extension I get someone. She tells me to read the contract they are keeping it. I argue with her and she tries to hang up. They ell me they are keeping the earnest because the contract addendum states the inspection period starts upon acknowlegement and not fully executed. The ack date they have is the 3rd but the real date is the 4th. I told her I had an email from them saying to wait for the signed contract. She tells me an email won't hold up in court and many agents are calling in complaining but wearen't reading the contracts...They have changed one word to say Acknowlegement instead of executed. And even though I asked the sellers rep if w should start we are stuck. We are clearly in the wrong and it does say in the email, amongst a bunch of other language that this offer is acknowleged, It also states on the cover of the addenda that you accept this offer was acknowleged on the date and it does say on the inspection period that it begins from the ack. date. I realize we are bound but that is sure asking alot for a buyer to start paying for inspections and appraisals before having something in writting...ESPCIALLY
    If you read the contract addedum they also state they can sell the property to anyone for anything until you receive a fully executed contract.
    This happens to be a transaction for my disabled mother and her medical conditions are going to prevent her from spending the entire time in the home and she will need to modify the home. She can't affor to lose 15k so she will have to bring the other 100k and close.
    I feel way bad but she is going to go through with it and do what she has to do. She will be fine and will be able to rent it out after a year.
    I have had one other time the asset anagement company wanted inspections done before contract was accepted but they made us aware upfront and e declined to move forward...just like most would.

    This is my first post and there will be many more to come to make sure both agents and buyes are aware that YOU DO NOT HAVE 10 DAYS INSPECTION PERIOD FROM DATE OF EXECUTION OF THE CONTRACT...IT STARTS THE MOMENT YOU GET AN EMAIL SAYING THEY WILL ACCEPT YOUR OFFER...EVEN THOUGH YOU NEED TO SIGN BLANK ADDENDUM AND WAIT FOR THEM TO SIGN!

    0 Votes
  • Ms
      Jun 25, 2010

    I was upset by what I went thru with Fannie Mae but my heart goes out to all of you because your stories are jaw dropping.

    My complaint concerned the "First Look" offered to owner occupants. As stated on HomePath.com :

    "First Look for Fannie Mae Homes
    Fannie Mae's First Look is designed to provide neighborhood stabilizing entities—owner occupants, public entities, non-profits and similar organizations—a “first look” at Fannie Mae homes. Under this policy, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the First Look marketing period, typically the first 15 days a property is listed on HomePath.com. If the property is still for sale after the First Look Marketing period expires, investor offers may be submitted and will be considered. Properties in the First Look marketing period will have a timer with the number of days remaining on the property details page. Ask a Fannie Mae listing broker for more information"


    I found the home; rushed to get the finances to purchase it; harrassed my bank for the proof of funds in order to get my bid in within the 15 days, so I AS AN OWNER OCCUPANT would not have to go head to head with the big investors with the big bucks. I got the bid in within the 15 days and I still had to go up against 3 investors. I ended up out biding the others however I had to increase my amount by $15, 000 to get it.

    Am I misunderstanding their policy to grant me the house by getting the bid in within the first 15 days?

    Kim

    0 Votes
  • Rw
      Sep 08, 2010

    Just experienced a very similiar situation to the ones mentioned above. House just listed, submitted bid, received multiple offer form, modified bid, verbally (actually email) received acknowledgement that our bid was accepted, requested property be dewinterized for inspection, earnest money put on deposit at title co, initiated loan lock.

    14 days into the process, we get notified the seller has rejected the offer and is relisting house...and oh, by the way, here's another multiple offer form if you would like to submit another best and final offer.

    My suspecion is their own rules lock out investor competition for 14 days...so Fannie Mae asset managers are stringing you and I along until they can bring in the BIG offers.

    0 Votes
  • Br
      Oct 02, 2010

    I never thought I would be finding information based on this topic online! My husband and and I are currently in the process of trying to find more information on the situation we are currently having with Fanny Mae. We placed an offer on a house in our community and was told that Fanny Mae had taken the house and that we would have to submit our offer to Fanny Mae. We contacted our agents and he submitted our offer and and later Fanny Mae accepted our offer and we proceeded with the steps to close on the house. We got our loan submitted all the correct paper work to Fanny Mae and we were patiently awaiting our closing date that was set by Fanny Mae for September 29th 2010. We encountered some problems with our loan packet being delivered to our attorneys office and the closing go set back to October the 1st. After meeting and signing our closing papers we were told that the only paper that was missing was the hud signed by Fannie Mae's attorney. Our attorney told us he was going to have us sign one and he would later combine the two together and everything would be finalized. This occurred at 9am in the morning and after leaving the office we started moving our belonging into the new house and having the power transfered into our names, set our telephone, cable, internet, and security system up. At 4pm my husband received a phone call from our attorney stating that Fanny Mae was not going to sign the closing and requested a 90 extension because they found a "Glitch" on their part and needed time to correct it. In complete shock we asked what did all this mean. We had went through the closing, paid all of closing cost, earnest money, and now have a loan for the house. We were then advised to remove our personal belongings and not to stay in the house. Fanny Mae has not offered any information on our situation and our attorney told us that he would finding out details on Monday. I do not see how Fanny Mae can let all of this happen. I recently discovered that there have seen many home that have been improperly foreclosed on and our's being one of them. The way I see this situation is Fanny Mae has my money and I have no house that I'm able to live in. I do know what to do about the loan and other bills we have acquired on the house. I'm lost for words; Can Fanny Mae really not sign the closing on our house after we have moved in and taken over the bills and keys from the house?

    0 Votes
  • Am
      Oct 04, 2010

    I wish I was warned about dealing with Fannie Mae. I blame my agent. He never told me who I was dealing with and kept promising me for weeks this was a 'done deal'. nothing was in writing except the first offer. now the big excuse is a computer glitch. I have moved across the country, only to be spending money on hotels and storage for all my furiture while fannie mae does nothing, says nothing and makes no good faith effort to honor their agreement to close by sept 30th. so I am sunk paying to live in a hotel while Fannie Mae has the option to not sell me the home they said I would already own. If a person scammed buyers like this they'd be in jail. Why does this company get bailed out and then shaft everyone they deal with? And you know the only one readying this complaint list are other home buyers who have been screwed. There is no one to help. My lesson learned. Buy from a human. Banks are demonically possessed.

    0 Votes
  • Ca
      Dec 04, 2010

    For those interested in learning the Fannie Mae selling process, google for "REO Sales Guide"

    It was published by Fannie Mae after the "secret buyer" campaing they run to see how its REO and listing agents were performing

    0 Votes
  • Sa
      Dec 05, 2010

    Good for you for trying to put a stop to these greedy banks. I am sick of it. I sent a letter to my congressman. Someone needs to step in and regulates their dealings. Why should they be allowed to only use their contracts. It is their way or the highway. It would not matter so much if it was their money, but it is not the case any more. This is OUR money. We gave them money to bail them out and now they are making it even harder for people to purchase property. Meanwhile, the properties are sitting on the market and the US government is looking at spending another 5 trillions dollars to bail Fannie Mae and Freddie Mac. I am trying to have Fannie Mae change the wording of their contract or take a small deposit so I can walk away from the deal if they do not close at the date that they promised or before December 31. We will see if they are smart or stupid.We have a tax deferral deal and anything after that date will result in the cancellation of the contract. I am not willing to risk losing 18, 000 dollars because someone screwed up or misrepresented the deal. I am very grateful for this blog. This has resulted in us being a lot more cautious about who we are dealing with. As far as I am concerned, they should use the same contracts used by real estate agents in their respective States. They are not that special and there are plenty of properties for sale out there.

    0 Votes
  • Sa
      Dec 05, 2010

    Oops. Just found out that my congressman Gary Miler received 32, 000 dollars of contributions from Fannie Mae, and our president got 102, 000 dollars right before the bailout. Perhaps we should get rid of our government officials before we reform Fannie Mae. I did write a letter to my congressman this morning. To think of it now, I don't think I will get much of a response from him. My next stop is the white blog.

    0 Votes
  • Ba
      Jan 06, 2011

    I am a Realtor in Southern California. I have run into one instance with my Fannie Mae listings where FM should not have foreclosed on the listing. My listing was in escrow with a new buyer, we were ready to close. Then, after a 2 weeks extension, I got the word that "we have to give the house back to the original owner"... The explanation I got was that "property should never have been foreclosed"... that was it... end of story. The buyer was furious - cannot blame him at all -- buyer wasn't my client but I felt bad for him.

    Also -- I make it a point to NOT SELL MY OWN LISTINGS. I feel it is a conflict of interest and unfair to other buyers. I will refer my buyers to someone in my office to do the deal. Don't get me wrong -- I have, in the past, sold my own listings but in the past 3 years I have sold 168 of my REO listings and only 3 of them were my buyers ---

    I also know for a fact that many agents DO HOLD OFFERS from the seller - especially if they have their own buyers.

    Also be aware that unless a property is actively listed in an MLS it cannot be shown. At least this is the rule my clients abide by... so if you find a property you know has been through foreclosure and you find the listing agent this doesn't necessarily mean you can waltz in and look inside. Many banks have rules against potential buyers entering properties at certain times.

    0 Votes
  • Bi
      Feb 08, 2011

    Hi, I have the same problem that most of you are facing. Fannie mae of course. The listing agent called saying that they accepted our offer ( the full price in cash) he sent us papers to sign and asked for 10% earnest money. We did our part. 3 days later he called saying that there is a higher counter offer and we must give our last and best offer. We increased our bid by $ 1500 and we are still waiting. During this time I called Fannie mae and asked about the property, the agent said that our first offer was rejected because the agent did not submit all the necessary papers which are still not submitted for the second offer we made (first+1500). I called the listing agent and complained, he pretended to be not responsible for the mistake and said that he will resubmit the papers again. I followed the case at fannie mae and this time they assured me VERBALLY that they have the complete application. Now I do not have the 10%, no one is responding to me, and I have to move soon because my job will start soon. And I hate the system because it makes buying a house a horrible experience rather than a pleasant one.

    0 Votes
  • Cr
      Apr 08, 2011

    I am awaiting an email to ask me for another extension for our closing, which was suppose to be tomorrow. Anyone else have that problem? I think this is the 5th extension request we have signed and faxed back to them. They do have my cash an escrow of 10% at a law firm title company. I am concerned that I may not get it back if they never are able to close, and I want out. I wonder if there is some real reason why they can't seem to get the deed paperwork in order. Is there really no clear title perhaps Does anyone know what the real reasons are? Should I get out now or am I headed for a nightmare to come?

    0 Votes
  • Me
      Sep 26, 2011

    Hello, I also bid on a Fannie Mae homepath REO property. I also feel like some shady business was involved. I have been in contact with numerous places, including the listing broker regarding the property, 3 months before the put in back on the market. I actually wanted to buy this home before it was foreclosed on; but was told I had to wait until it was "ready" and back on the market. I put in an offer, and within 24 hours they ask if that was my "highest and best". I stick with it, only because I do not believe in bidding higher, just because.
    I am curious to know if it is Fannie Mae's policy to do "blind bidding". Are you not supposed to be told whether there is another bidder or not, much less what their bid is? I was never told whether or not there was another party trying to purchase the property. I hear this is how it works, yet, I see other posts on the internet saying they are told if another person is bidding, and sometimes even what their bid is! My issue would be if the broker of the property told the other party inside info on me; that I was bidding on the home, etc. I have a feeling, but am not sure how to find out for sure/prove it.

    0 Votes
  • Me
      Oct 11, 2011

    Please sign this petition if you are against Fannie Mae's shady bidding process!
    http://signon.org/sign/stop-fannie-mae-reos?source=c.url&r_by=1135442

    0 Votes
  • Th
      Oct 11, 2011

    the first mistake u all made is not hiring a Expierienced REO agent!!! Its a huge process for agents to learn and alot of starving agents are trying to break into REO's because they want to keep thier jobs! Agents dont usually hold back bids, keep in mind a cash offer will always win, esp with lending now...FM doesnt want to be under contract for 60 days for ur lender to decide in underwriting they arent going to close!

    -2 Votes
  • Th
      Oct 11, 2011

    Oh and FM is who determines when a property is bidding Highest and Best...not the agent. And, the agents are legally not allowed to disclose if there are other bidders and what the bid is. Usually highest and Best comes when there is more than one offer on the table...FM does this because they have alot of property and believe it or not are short staffed!!! They dont have time to counter offer every Tom Dick and Harry who wants to Low ball offer a property because it is an REO, they already took a huge loss on the property!..I am an REO agent if you are wondering.

    -2 Votes
  • Ma
      Mar 14, 2012
    Fannie Mae - Title issues
    fannie mae
    Carver
    United States

    We made a offer on our dream home from Fannie Mae and it took them two weeks to get back to us to even tell us we where accepted in our offer, we where very happy we got this home, however that's when it all begins..
    we where very prompt on getting our paper work together getting our house appraised and being set for the closing, well the same day we got a official closing time two hours later our bank called us and said that we can no longer close on that date, because the title for the home was not signed by Meris, that don't worry that they will check for a legal notice that was sent and if not a waver will be sent, so we are not happy but figure two more weeks for the other closing date on our contract we can wait for it.
    well its the 14h of march and now we where told sorry the house is going back up for action and being foreclosed on because there was no way to get a waver cause they don't even know who owns this house, , Fannie Mae doesn't even own it?
    so not only did i change jobs with a pay cut to be closer to my new home but me and my husband and three kids are living out of boxes, and we already lost money for appraisal and home inspection, they had no problem taking our 5, 000 dollars out of our account within 24 for hours of signing the purchase and sale agreement but now we have to wait to get our money back.. these people are so bad to deal with and i wish anyone who gos through them the best of luck.. you will be lucky few if you actually get the house.

    0 Votes
  • Sc
      Jun 20, 2012

    Like the previous emailer we traveled to Chicago in an Enterprise car. We payed 5 or 6 tolls but we did miss one $.95 toll by going through the I-pass lane. We recently received a bill for $15.95 from Enterprise. Per the Illinois tollway website, nothing will happen until you miss 3 tolls in a 2 year period.

    We are trying to figure out why a $15 fee is charged when Enterprise's office is in Lombard while the Illinois Tollway Association's office is in Downers Grove. We would be happy to pay the $.95 but were never given a chance by Enterprise. What is the point of a number to call if no one is ever there?

    0 Votes
  • Ho
      Oct 24, 2012

    Reading these posts has been very eye opening. We are in the process of trying to buy a Fannie Mae Homepath foreclosure. Our original offer was $10K over asking and was submitted on a Friday. It was contingent on our obtaining Homepath Mortgage Financing. On Saturday our agent told us we were part of a "multiple offers round" and they wanted our "Best and Final" offer by Monday at 12 noon. We kept our offer the same and on Monday we were notified that our offer had been (re) submittd and that the Homepath financing was not available for the property we were interested in. I spoke to our agent, who spoke to the listing agent, who assured us that the financing had nothing to do with it and that if our offer was the highest, they would counter, requesting alternate financing. Well on Tuesday we were informed that we had the "best and highest offer" and that we should submit our new financing letter and a "counteroffer form" by Tuesday at 1 pm. (This seems strange to me, as a counter offer was made by Fannie Mae and our response was actually an acceptance...) Anyway, we submitted this "counter offer" at around 11 on Tuesday. At 12:30 I got a call from our agent informing us that (LO AND BEHOLD) we were part of ANOTHER "multiple offers round" and that our SECOND "best and final" was due that same day, by 5 pm. We left our offer the same. So...WTF?!?! This seems absolutely unethical and it seems like it is illegal too. We accepted the freaking offer!!! Any idea what cause of action we may have against Fannie Mae or the listing agent? State violation or Federal? I have already contacted Fannie Mae and they said they will respond to my issue w/i 2 business days... At this point, I am going to be pissed if the offer is accepted or if it is rejected. This just seems like a shady way to do business and a violation of state contract law... What is my recourse? Any ideas out there...

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  • Nb
      Dec 04, 2012

    I tried for months to purchase a property in Ohio. The listing agent would not even call me back when my son finally tracked her down somewhere - she was rude and stated she only acted for the seller and we had to get someone to act for us. It took months of providing information and contracts for mortgage. The property was listed with a house that wasn't there and after we made a bid they took it off the market and put it in an auction but our real estate representative was never notified of the auction. It has been the biggest mess I have ever been involved in. How can they get away with operating like this with our tax dollars in their pockets.

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  • Sp
      Feb 23, 2013

    We signed an earnest money for a Fannie Mae foreclosure listing in Spring TX under the FirstLook program. The title company discovered a federal tax lien on the former residents. Fannie Mae refused to close, and took the property off the market and just now returned it to the market at a higher price. The listing Realtor will not give me any detail. I found this on the Fannie Mae website: http://www.homepath.com/incentive/index.html ----- "If you are concerned that the First Look marketing period is not being handled appropriately on a particular property, please contact the Fannie Mae Resource Center immediately at 1-800-732-6643."
    I will call the number on Monday to get more information.

    0 Votes
  • 1p
      Aug 03, 2013

    We have been waiting for 4 months to get a reply on our accepted offer on a house. The asking price was 259, 000, we offered 249, 000. FM was behind by weeks on a reply, when they finally did, they came back with 297, 000. Now there is no inventory in the area, interest rates have gone up and home prices have gone up as well. Fannie Mae really put the screws to us. Seems to be common practice for our government these days. We most likely won't be buying a home at all now. Thanks Fannie for the big screw.

    0 Votes
  • Fa
      Nov 05, 2013

    I inquired about a homapath property today that was listed under renovation mortgage only. I had already been to the home for an exterior inspection and chatted with neighbors regarding the state of the home. Everything looked perfect, so I called the listing agent about the property and chatted at length. I asked why the home was listed under renovation mortgage only because the photo's, neighbors comments, and the exterior of the house seemed to be in excellent condition. I asked if there were any additions that were not permitted, thinking that could be a possible problem. I was told that the house had just went under contract a minute ago. I asked my wife to call back later and it had miraculously appeared back on the market with no contract. I have a time set up for viewing tomorrow, but I fear I will forget.

    0 Votes

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