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I am a disabled veteran and was in need of a home with certain accommodating amenities due to my disabilities. I had put in bids on a home for almost six months, being turned down many times, even basically laughed at. After about four months, the price finally dropped into my price range, the range that Fannie Mae said it would never see. I put in a bid and got a response saying multiple bidders, place your final bid. This is a game where Fannie wants to steal your money. So I put my bid of $250k in and waited. After many times of me calling and pleading my situation, to which they could care less, I finally called and found out that I had been outbid. I was angry but understood. Then I found out that they passed my bid over only to sell to someone using their mortgage, for only $245k. This is one of the most grueling and painful things I have had to go through and put my family through.
It very much saddens me that a government ran agency would rather kick its own veterans to the curb. If you are a disabled veteran or a honorably discharged veteran, run away from Fannie Mae. They will show you no respect, and in the end not give a care about you or your family. I will continue to blog and write until the veterans who put their life on the line for their country get some fairness and equality. I have read nothing but horror stories about people dealing with these Fannie Mae criminals, how they bend and break the rules and nobody cares. I am sending a copy of this to my congressman and hoping he will help all the brave veterans get a fair shot at home ownership.
To all of you who didn't for whatever reason get the Fannie Mae house, count yourselves lucky. I bought my house in 2012 and had it inspected, twice. It looked really nice and at that time it was only 6 years old. At the time, the only thing anyone could find wrong with it was a small chunk in the siding. I couldn't be there for inspection as I have a rare illness and it makes me extremely ill at times, but I had the realtor and inspector send me photos and they both agreed the house was good. I bought this house because I couldn't handle a fixer upper and due to my illness I paid for it. Fannie Mae were supposed to fix some small things but they didn't. Once the papers were signed, they didn't give a **.
Well it's only 4 years later and my floors are sinking in. I found out from the neighbours that the house had sat open for 2-3 years and what I now know is Fannie Mae came in here and took up the hardwood flooring and put the fake in place. I guess it had gotten so wet in here that the floors buckled. Well when they redid the floors, they apparently put it over the wet beams instead of fixing that. Of course when I bought the house, everything looked great. I know that this is how it happened because I've had several contractors tell me there is no leak and this is what happened. I don't have the money to fix this because I cannot work and it's underneath the whole house.
The kitchen is the worst. I had someone put down thick pieces of plywood. My gutters are all also wrong. There are no downspouts where there ought to be. Due to the shifting of the floor, the walls are cracking. I just can't believe they get away with this. I thought there were laws against selling a house that isn't safe. They never disclosed this floor issue. There's really shoddy work that went on here and it's dangerous. Especially now. I had fallen and broken my hip. I think they should have to fix this. I can't believe they were given a C/O by an inspector. I'm in a terrible spot because I have nowhere else to go. I've been told it could take 30-40 thousand to fix. Something that they should have had to fix before selling it. I'd appreciate any help or suggestions. I am really ill and I'm scared.
We had been watching the decline of a home near our community. We hired a real estate agent to inquire and we sent not 1 but 3 separate offers. All of them declined with no counter offer. This company made it clear that they want to sell the home to a home buyer and not an investor. We said we would occupy the home as our primary residence. After reading so many bad complaints about this company and even hear more I decided to call them. The first attendant I spoke with was very rude and did not know anything about this situation. She talked in circles and did not make any sense. She said that they look for 4 things, but she only gave me 3. When I asked to speak to a supervisor she questioned me like a German soldier during the ** regime.
At this point I knew my feelings were correct about the company. After telling her to transfer me, she finally did so. I spoke to a supervisor, which was very kind, and she, at my request escalated this matter for me. But she also stated that starting on the 16th of November 2016, which is tomorrow, it will be released to the investor side of the market. Making that statement did not set well with me, as this company made it sound like they intentionally declined all my offers to test the market unfairly, is the way I felt after that had been said.
Now, I called back and the attendant I spoke to was rude from the get go. I asked to speak to a supervisor. She put me on hold for longer than I believe she should have. And finally came back on the line and said no one will speak to me. I will have to wait to see if I get a callback. I personally feel and many others I have spoken with, including real estate agents, feel like either I have been discriminated against and/or fraud could be a probable answer. So, I will be diligent in seeking answers from my State and Homepath's State on why there seems to be so many erroneous problems with this company and their ability to fairly sell real estate. My advice is to stay away and find another home that this company is NOT involved with!!!
I have an accepted contract for a Fannie Mae owned property. We knew the home had a mold issue so we got the mold remediation inspection and price of $4,800 to repair. Not a lot for a home we were paying over $300,000 to purchase. My agent happens to be in the same brokerage ReMax Components as the Fannie Mae Selling agent, so I thought that would offer some protection against self dealing (the listing agent selling the property for less to someone he found). NOPE!
Instead of responding to the request for repair, the listing agents Tom ** and Vinny ** of Remax Components in Cecil County Maryland unilaterally cancelled the contract. My period for inspection and right to rescind does not expire until 10/7/16, but the contract is canceled and the house is relisted. The house will be sold to an insider for cash (a flipper) who will cover up the problem and foist it off on an unsuspecting consumer at a higher price. Fannie Mae will make less, a house flipper will profit, and an unsuspecting family will be endangered by mold.
My husband and I tried (trying) to buy a Fannie Mae home. It has been a complete unorganized nightmare. When the home came out on HomePath we worked with our realtor and made an offer on a Friday. The offer was above the sales price and included a loan approval letter from our bank. On the following Monday we were told there were multiple offers and everyone should come back with their best offer by end of business Thursday. We worked with our realtor and bank and made our offer, as did others I am assuming. Fannie Mae then comes back stating they are rejecting all offers and would not be selling the property because of Federal Tax Liens. We knew there were Federal Tax Liens (as did Fannie Mae from the start), because we had been trying to buy this house through short sale before it was fully foreclosed.
We also know there is an 120 day redemption period (starting from the day of the foreclosure sale) for the government to buy/buy back the house. By this time over 30 of those days has already passed. Our realtor pushed back and asked the listing agent why this was being brought up now when they have known about the liens from the start. The listing agent spoke with Fannie Mae. The following week Fannie Mae decided they would move forward with the sale of the house, as long as the buying party knew the house could not close until the tax liens had been released or the redemption period had passed. We are also told that no one would have to make new offers that the offers submitted would stand. But, then we were told the house needed $50,000 worth of repairs before it was livable and they did not think it could not be lived in within the 60 day occupancy window.
Again we pushed back and said it could and we had already signed a statement that we would occupy the property within the said time frame. So, Fannie Mae stated anyone bidding had to provide a building estimate that covered the repairs and state the repairs could be completed within the 60 day time frame. But, Fannie Mae would not be providing the list of repairs. Now, we did file a claim with the Freedom of Information agency, but was told that Fannie Mae was not a government agency and therefore not under that jurisdiction. (Yes I have all this in writing. It was news to us that Fannie Mae isn't a government agency--wonder who does govern them... but that is for another day). This was crazy, but we spoke with our builder and got our estimate together (in the matter of about two days, because of the short time frame given by Fannie Mae) and submitted it.
A few days after that Fannie Mae came back and said everyone that responded with this information would have to submit a new offer by the next day (Wednesday) even though previously they had said we didn't need to. We again got with our realtor prepared a new offer and submitted it. On Thursday afternoon, we were told through the listing agent we had the winning bid, but needed to provide an approval letter (this was done every time we made an offer) and a statement from a bank saying we had a certain amount (large amount) of money in the bank. We had to scurry around and get with our banker before the bank closed to get the paperwork back to the listing agent by 6:00 that evening. We managed to do that as well.
On Friday we were told we had the house and the confirmation Email would be coming and they would be sending some additional paperwork to be signed and for us to provide our earnest money check. On Monday our realtor checked with the listing agent and she had not received the paper work yet, but should any time. Also, on Monday afternoon our realtor received the official acceptance Email from Fannie Mae stating the our offer had been accepted. Late Tuesday morning the listing agent calls our realtor to tell him that Fannie Mae had decided to not sale the property, because of the tax liens. So, our realtor of course pushed back as did we. The property was pulled off the HomePath website and is not for sale at this time.
Now, during this whole process we and our realtor have been in contact with the Fannie Mae powers at be providing them with the nightmare play by play. When we call the customer service number on HomePath and give them our name and ask for their boss, they begin telling us who is managing our CASE. Well... wow, just wow. We have not given up and are still pushing, so I may have an update to this review.
One thing I can say if we get the property or not there is something seriously wrong with this system and process. We have already reached out to our Congressman and plan to file a complaint with his office. We do have confidence that at the very least there will be some type of investigation into how this "NON government agency" runs its business with no accountable to anyone. More to come...
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I've recently purchased a house from Home Path/Fannie Mae. I was told the house has been remodeled and everything is functional. And, at the inspection time, on surface, everything seems to be new and fine. So, I happily purchased this house with the understanding that everything is new and functional, and I just need to do minor clean-up and I can move in!
However, after I bought the house, before I moved in, a piece of the bathroom tile fell off, so I had a handyman to come fix it. Then we found there is no waterproof protection for the tiles in the bathrooms. So, I had to remove the tiles from both bathrooms and basically redo the bathrooms to make sure they are water proof.
Then, we checked the kitchen floor, and found the space underneath the tiles to be hollow space and not cemented to the floor. We removed few tiles and found out the tiles were not properly installed and grouting work was incomplete and this problem is consistent through out the tiled area of the house. I think probably over 1000 square feet. So, now, I need to spend another $10,000 or more to remove and replace the tiles. And, as we were removing the tiles, we found another layer of the original tiles with few missing wood frame underneath. I am not quite sure what I will continue to find when I look deeper, and I am scared.
I found the whole situation very bothersome and intolerable. I am attaching pictures of the bathrooms, kitchen, living room and dining room from the original listing. Everything was supposedly newly remodeled and functional. And, I am also attaching pictures of the fallen tile in the shower wall, and the condition of the floor tiles. I was so distressed when I found out about the bathrooms not been waterproofed, so I didn't think of taking pictures but just asked my handyman to take them down to start working. I was thinking of just get things fixed. But, after seeing the problem with that kitchen floor, and more problems with the bathrooms, I decided to take the pictures to share them with others and voiced my concerns.
I am not sure what to do now. I think the value exceeds small claims court, so my agent just told me to see if I can find an attorney that will work on contingency. But, since the value of my case is not that high and I am sure if I am able to find a trustworthy attorney to help me. I am still exploring my options, but I want to share my experience with others so no one else will be stuck in the same situation as me.
Buying a seemingly remodeled house with supposedly everything new and functional, then to find out that all the major works need to be reworked. If I had bought a fix-it-upper, I just need to install new things. But, in my case, I had to spend extra thousands of dollars to remove those poorly installed bathroom and kitchen tiles before I tile all of them again!
My agent at Re/Max Landmark submit offer with certificate of buyers completed course with initial offer and have confirmation on line 18) Yes, for $75 reimbursement. And 19) Yes, for 3% closing cost. Per my agent and Lawyer, Fannie Mae wants to see I am serious buyer and 3% closing cost + $75.000 reimbursement fee and $1000 earnest money of first offer will be given to me on closing day. They hold it to see if I show up at closing or not and on closing day it was said by my Lawyer Ted ** I am not getting this money and when I ask for explanation or have something in written it was said to be Fannie Mae won’t give me anything (TAKE IT OR LEAVE IT).
I am a Realtor. I think Fannie Mae Realtors being not allowed to review any inspections or reports is criminal. Every other seller has a duty to disclose. Fannie Mae's rule on this subject allows them to pass on deficiencies in their homes they have for sale and causes buyers hundreds of dollars in inspections that could possibly lead to a better conclusion if the listing agent could see them. So fixes aren't done to allow a buyer to proceed, get insurance, feel safe in the home, etc. So when one buyer can't buy a home due to deficiencies it just goes on to the next buyer who will probably hit their head against the wall just as hard. Disgraceful. Should be a class action lawsuit! Our particular situation involves an electrical panel box that is hard to insure with a water heater right in front of it. A clear code violation.
We were looking to purchase a Fannie Mae Homepath Home and were hit with every single roadblock that we could possibly imagine. This company is a joke. They have absolutely no business ethic at all. They will make money off of you whether you are able to close or not. All of our financing was good but they would not wait for a septic and well diagnostic inspection and appraisal to come back, a 10-day extension. Their selling agent said this is the second time that Fannie Mae has done this to an FHA buyer. Where's the disclosure and why are they will to accept FHA loans when FHA requires a well and septic check? $800 and 45 days wasted thanks to these people. I agree with another consumer that said, "You will get absolutely nowhere with these people" because you won't. They are thieves. These people are a joke. I am so frustrated, never again.
You will get NOWHERE with this company, they will NOT answer questions, they will dismiss any problems with the listing or listing agent, they will change the parameters of the listing as THEY see fit, with no logic, explanation or common sense. So far I've seen them pull the listing after the initial offers come in and then raise the price. I've talk to investors who claim that 99 times out of 100 the customers of the listing agent get the deal not the outside brokers representing other bidders. Good luck!
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