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I am a buyers agent involved in the purchase of a Fannie Mae property. My client is a cash buyer (her entire life savings) and we have gone into contract to purchase a REO Fannie Mae Townhome (estoppel was ordered last minute) $13K owed and now it is in the Fannie Mae Legal Department, two extensions later we find out that it may be pulled from the market. The purchase price being $147K after all final negotiations, inspections, repairs etc. I feel that we were being used as a tool to test the market. Especially, now that the market is rapidly increasing, I feel that the LA, FM Coordinator (supervisor) and legal department are stalling to either pull the Townhome off the market now that all of the leg work has been done or discourage the buyer so that she will not sign another extension. All so they can sell it at a higher price.
Fannie Mae has not met their obligations of due diligence and paid the money owed to the HOA nor have they authorized a paid at closing. It appears as they do not conform to the normal standards of real estate ethics. What recourse do we have? I have contacted everyone I possibly could...and keep getting referred back to the listing agent, who appears to be as powerless as I am. Please is there any help out there?
After reviewing all these horrible stories, I am not surprised of my situation. We went under contract to purchase a Fannie Mae home, but as it turned out through title, they never correctly obtained title after foreclosing on the property. Turns out they didn't own the property which was being advertised for sale by Coldwell Banker in which we were trying to purchase. We were pre-approved through our bank, paid for an expedited appraisal, etc. We have yet to get any inspection money back from listing agent and Fannie Mae said they wouldn't refund our money. We were ending a lease rental and timing was of the essence. Our agent missed out on a commission and we missed out on a home plus lost $1,600 in inspections/appraisals. Thanks Fannie Mae, the American People have full confidence that you will provide sub-par, below standard service, and gladly take their money for absolutely nothing.
The good homes and good buys are under contract before they even go online, so when they do show up online they are not available. Realtors are shady. They also put the houses in the wrong county so it won't show up on a search until it goes under contract with someone they know (investors) and are probably getting a kickback from. We got screwed with the whole banking scam by Fannie Mae. Now we get screwed again as the realtors manipulate the contracts.
We sold a house to find out when they did a title search that Fannie Mae never sent the mortgage release whenever they sold it or whatever they did. The title co had attorney draw up papers to be signed. They even sent an overnight label to them. Still didn't get it back and the closing was to be tomorrow. Can't have it without the release. This is from 20 years ago.
Typical and expected service, attitude and delivery of "Homepath" property from a government agency. Anything attached to the Federal Government means incompetent and intrusive response. From my perspective all is related to a top-down employee population of the worst of the worst. This country had better get its house in order and soon. They would not repair or make functional equipment installed by their HVAC contractor and asking for the same information up to 4 times.
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Put in offer on a foreclosure, was accepted and proceeded with inspections, found a lot of smaller issues but continued on. Asked Fannie Mae if we could get help with repairs and were denied. One day before closing was informed by Fannie Mae that property was not habitable and we were to pay close to another 15 thousand dollars to have home connected to city septic as per city guidelines. We spoke to city where house was located and were informed that Fannie Mae was aware of this since last Dec. We were not disclosed this fact until June 30th and at this point bank was not willing to give us any more money for this property and we had no choice to end deal. Fannie Mae did not disclose this to us until one day before closing and we know they knew of this. We are trying to get our earnest money back so we can buy another home but they are not willing. Would like to know if anyone might have a suggestion what to do?
I looked at this condo advertised as almost 1600 square feet. It had a daylight basement so I specifically asked about mold or moisture problems. Because I went into the hospital, my real estate agent arranged for an inspection. I was not told of the closing date for almost a month after the condo had closed. After I knew it closed I took my contractor out to give me a bid and a neighbor walked up and said "don't buy that condo, there was mold halfway up the back wall." The mold abatement company told me the mold been painted over several times.
When I called Fannie Mae they told me the real estate agent had all the information from the coordinator from Fannie Mae. They would not give me any work orders. The listing agent denies knowledge of the mold. During the abatement I found out the basement room was a converted garage and had never been permitted. When all of the sheetrock was removed in the basement I found two severe structural problems. I had to get a structural engineer. I am still waiting for the county permit. I have an attorney but this whole thing has been overwhelming and I don't know where to turn.
Very disappointed what listing's Agent of Fannie Mae Homepath properties are doing currently. As we know, after market went down on 2007 Investors buy all the properties and they made themselves richer than they were. Now, banks start approving loans to qualified buyers but these listing's agent still choose investor's offers. Apparently good people who want to become homeowner and make their dreams come true don't have that opportunity thru Fannie Mae HomePath. They want an opportunity to give something good and special like a Home for their families but some people's greed knows no limits. Very Sad.
I wish that I read all of this before paying $75 and taking that required course for 3% closing help. I have been watching a FM property for a few months dropped to a great price. Went to see it put a contract on it on July 9. So I figure 3 business days for an answer. No contracts per the agent. The biggest deterrent she said was the vinyl flooring FM put through the entire house which is fine with me because I'm putting in wood floors anyway. So I figure no interest and been on the market for 85 days they should respond pretty quickly. Well after reading all of these reviews I don't know what to expect from them. Will update when things start to happen.
To say that we BEYOND angry and frustrated with Fannie Mae/Homepath is the understatement of the century. We have been looking at a property since February. It finally was put "on the market" and we made an offer, over asking price with a deadline to have submitted by X day at X time. We did. But then got not one but two separate phone calls over the course of 3 days saying that Fannie Mae kept extending the deadline due to increased interest. The games they are playing may not be illegal but UNethical... YES. No wonder they are a joke in the housing market. We are so sad to have lost out on this home due to GREED!!! Fannie Mae, you are a disgusting low-life slimeball government agency!!!
My fiancé is buying a home in Auberry Ca. Everything has been going great. Our offer was accepted, inspection and appraisal took place and we submitted all repairs that needed to be done to Fannie mae. They did them by our closing date. Sounds wonderful, right?! NOT!!! We were told that we would need to extend our escrow until June 30 when it was originally set for June 17, 2015. So, thinking we would have it completed by then we put everything in storage and went on vacation thinking that when we came back we could sign and move into our home. However, while on vacation we learned there was a lien from the previous owner that needed to be satisfied and recorded. We were told by our realtor that the lien had been taken care of but only needed to be recorded by Fannie mae.
We've returned from vacation, signed another extension, we're homeless and living with family. The home is so small that my children are living with my oldest daughter until Fannie Mae pulls their heads out of their butts and files the necessary documents. I received court papers from my ex asking for custody modification because I'm "homeless". I've been told "sorry" by the realtor. We are going on 75 days of escrow and there is no timeline. No one will tell us anything!!!
Fannie Mae doesn't care about anyone! It's their timeline at their pace! How difficult can it really be to file a satisfaction on a lien!!! We don't want to back out because we have so much money into this! If we were to go and rent something we would be using money from our savings. This is crazy and ridiculous and absolutely frustrating!! To top it all off the family we are staying with will be moving out of state in less than two weeks so we will be definitely homeless then. If anyone can help explain the process it would so appreciated!!!
Client purchased a property Fannie Mae presented as 3 units but city claims it is only 2 units.
As a realtor, I looked for the best deal for my clients. I found this Fannie Mae property at a good price. My buyer wanted to purchase it. We signed a contract and gave the FM deposit and the required loan commitment which meant the buyer to lock in a loan and pay the fees. Fannie Mae refused to make the house available for inspection with lots of excuses. As a result, my buyer did not close on time and that cost him money and time spent. The only reason I would think of is the buyer nationality (his name) so the manager at FM did not think he deserve to be a home owner. I will try to avoid Fannie Mae properties in the future.
Any and everyone that will listen I have told my story to. After a year of looking for a home I found a foreclosure home Fannie Mae owned, put in an offer they accepted. Did a home inspection the house had foundation issues, mold, and plumbing problems. I still wanted the house so I countered either fix the issues or go down in price and I can fix the problems - they refused. Not only did they refuse I had to fight to get my earnest money back. Not to mention the plumbing problems they supposedly had fixed prior to the inspection I had, which wasn't fixed.
Literally a week later the house I wanted dropped 14,000 dollars. Now I'm mad, confused and excited. Mad and confused because they wouldn't do down a few thousand for me to fix the issue but drops it 14,000 dollars so I submit another offer for full price - they denied me. I'm curious how Fannie Mae operates! Like I stated previously I will tell my story to any and everyone. I get a email from Fannie Mae requesting I call them so I did.
My conversation literally from the rep was just submit another offer, Fannie Mae doesn't have to tell you why they rejected the offer. I said "I submitted full price, I sent a letter in writing, what else could I do?" Her suggestion was keep submitting offers. I'm like "Seriously?" She was no help at all. Not only was she no help I don't think she was paying attention because I repeated myself and my situation over and over. I would never buy from Fannie Mae and I suggest anyone looking to purchase please do your research and save you some time. This is the short version of my story so I hope someone takes what everyone is saying and run with it!
For the past few days, I felt like I was the only one swindled by Fannie Mae. I read this site and others. Now I know others have been through the same thing with Fannie Mae. It is the usual story - under contract to buy a foreclosure. Had to put down $2000 buy cashier's check. This week June 2 I had the mortgage commitment, homeowner's insurance, appraisal done, home inspection done and closing date schedule for June 11. Title search comes back with a judgement lien by the city of Middletown. Therefore the property cannot be sold. Of course by June 2 I had given notice to vacate my apt and arranged a moving company. Now I will be homeless in a few weeks. Never buy a Fannie Mae home path property. It is a scam.
While the ready buyer program seems like a good way to save 3% on closing costs, it was just a waste of $75 for my family. We did everything the course instructed and had solid financial funding from a local bank but our offer was rejected even though it was above asking price. There was no explanation and no refund of the $75. The money they are giving people in closing costs are coming straight out of pockets of consumers like me. I've had a terrible experience with Fannie Mae and wish I would have never had tried to buy from them. Despite what they say about caring about homeowners, they are only concerned with the bottom line and will do anything to get as much money out of consumers. Be very careful when working with them.
We searched and searched. Found a home we absolutely fell in love with. We looked at all things considered. Water was off holes in the ceiling from pipes being evaluated possibly busted. Mold in the basement from leaking roof, etc. All things considered we still wanted the house. We considered the comps in the area, the costs to make the house habitable and of course asking price. Well asking price was 309,000, we offered 255,000 and 5000 towards closing costs. We went through and had a mortgage first guaranteeing our financing cause it had already been run through underwriters, etc. ANYWAY submit the offer, next day we get email stating multiple offers. Hmmmm ok. So we needed to go higher again. We evaluated all things and countered at 280,000 with 5000 towards closing.
NOW mind you our realtor was told by the listing agent that prior to our offer there had not been an offer in at least a week. Anyway we submit new offer. NO RESPONSE over a week. My realtor reached out again. This time he was told they are accepting our offer and will have approval by next day at 12. Great, this is awesome. Seeing as though we have sold our home and are quickly approaching our move out date, here it is day of approval and we get an email rejecting our offer. We are floored.
FANNIE MAE leaves people dangling, no answers, no responses so much for trying to get good people into a house they will invest in. The realtor and Fannie Mae all knew about our deadline. The fact that they have blatant disregard for good business practices, the government wants to reform this and that they need to look at this fraudulent terrible company who treats people like dirt. Lying, deceitful business practices. Unethical. Why lie to people. Typical government agency. Will never look at purchasing another Home Path home ever. They care more about selling properties to businesses and investors than they care to sell them the tax paying citizens who will rehab love and grow a family in the house, as opposed to someone who just wants to flip it for a profit!!!!! Thanks for nothing, you heartless, insensitive, mindless bureaucrat sitting behind a desk pushing pencils.
I got a Fannie Mae Homepath house under contract and even though our contract stated that Fannie Mae would de-winterize the house and turn on utilities for inspections, they refused to follow the contract. Luckily, I found an inspector that wasn't afraid to turn the water on in the yard. My inspector was very good at his job and saw some cracks in the walls and found doors that would not close and lock properly so he suggested I have the foundation looked at. Unfortunately, my lender required that be done and I had to pay out of pocket for any needed repairs so I walked away from a really great house. Now I'm waiting and hoping I get my earnest money back. I don't get how they can ignore their own contract. I decided not to pursue another house with them.
I read a review on this site about someone who had bought a Fannie Mae property and then found out it had burst pipes that were going to cost a fortune to fix. I had a similar experience but was able to get it resolved. Before buying the house I wanted the house inspected and the bank required an appraisal. To do this the water and heat had to be turned on. Fannie Mae hired a plumbing outfit who I believe incorrectly stated that many pipes were broken and therefore they were refusing to turn the water on, despite the fact that, even if this were the case, every radiator and pipe section in the house had independent shutoff so turning it out should not have been a problem.
I pointed out that in section 5B in their own addendum it states that if a buyer requests the house to be dewinterized the seller must have it dewinterized. In order to do this, since they claimed they wouldn't turn it on because of the broken pipes, they ended up paying the plumbers $4000 (amazingly, despite $4000 and a claim of broken pipes no walls were broken into. One small hole over the kitchen area. Plumbers must have quite the hourly rate!). By the way, you have to have some fortitude on this. The Fannie Mae representative when first contacted aggressively tried to deny they had any responsibility but I followed with letters and additional contact which later resulted in the original agent coming back with a much meeker tone in his voice.
My family and I were looking at house in Florida and found this perfect one. After wanting to bid on it, we find that it is a FNMA house. We were at first excited cause we could potentially get this house cheaper than it was and only need to do minor things to the house. We put in our bid and we're not asking too much off and the bank or whoever handled their end says "no and the price is the price we will not budge." It's amazing that their own website says they want to help families own a piece of the American dream but they want to squeeze every last cent out of you in the process.
All I can say is I am glad I found this website with these other ppl that have complained about the very thing I was going thru. Cause we could have potential lost 2500 in earnest money. IN MY OPINION AND HOPEFULLY OTHER PPL DO THEIR RESEARCH. LET FANNIE MAE SIT ON THEIR HOUSE TILL THEY START TO LOSE MONEY ON THEM.
Our originally closing date was on a Thursday. Everything was set on our end to close. However, Fannie Mae kept on pushing the closing date because they were irresponsible on their end. They LOST our earnest money deposit (even though they signed that they received it), causing them to push the closing date to the following Wednesday, they then were still not ready by Wednesday so had to push the closing date again to Friday. Friday rolls around and by this time had canceled the EMD cashiers check. I ended up wiring over the full down payment and finally signed at about 5 pm on Friday. HOWEVER, had no received keys yet.
It's currently Monday (10 days after original closing date) and am being told that they have not yet received my signed closing documents even though we faxed them over. Was told they should receive them tomorrow (Tuesday) but have to give them "at least 48 hours to review," meaning, it may or may not be Thursday that I actually get keys. I'm still holding my breath for late July sometime (currently mid April). I HIGHLY recommend NEVER using Fannie Mae for your home purchase no matter how great of a deal it is. They are a bunch of idiots who are incredibly disorganized and have no clue what they're doing.
We made an offer on a Fannie Mae foreclosure at 200 22nd Avenue, SE, St. Petersburg, Florida 33705. The offer was accepted and we went ahead with the inspection as well as signed and submitted all required paperwork. Then after not hearing anything back, our real-estate agent told us we had to remake our offer. (I still do not understand why.) Regardless, we did repeat the offer process, but this time we were told that our offer was rejected. Weeks later we were asked again to make an offer if we were still interested. We did and this time the offer was accepted (again).
For the next 60 days we heard nothing from Fannie Mae as we arranged financing, appraisals and insurance. Near the end of the period Fannie Mae asked for an extension. At this time we were pretty frustrated over the whole experience and since Fannie Mae could not provide title months later, we let the contract lapse. I have purchased and sold other homes in the past and never had such a bad experience.
We made an offer on a foreclosed house, a Fannie Mae house. During the inspection a major water problem was found. We asked for enough time to get the problem resolved because our lender would not lend the money until the problem was resolved. We could not get an answer from Fannie Mae for several days and finally at the last minute of the due diligence, the answer was no more time allowed. Our realtor could not understand and we could not understand. Getting in touch with Fannie Mae was extremely difficult during negotiation. We really wanted to purchase this house.
My wife and I found a house that would fit our needs listed for 108k in East Providence, RI. We did our walk through with our agent and all looked well and we were pre qualified VA. Put in offer of 125k with 5k back for closing going VA. Offer accepted... Sound familiar... signed P&S on a Friday along with earnest money of 1k and as the contract was in seller's agent hands. My agent was informed on the following Monday and then informed us as well that the pipes had frozen.
My agent said they would put up to 5k into the house to prepare it for inspection. We were ok with that. We let our agent know the snow needed to also be removed from the garage for an all structure VA inspection. That is when the whole deal seemed to go south. The seller's agent, according to my agent, told her they could not dewinterize the house due to cracked pipes with no response on the previous conversation of repairs. What to do... now. We filed a generic release of purchase and sales agreement & escrowed funds. The seller would not sign it... They want to send an in house one.
Meantime the house is relisted for the original 108k price. Guess they satisfied the sale to someone who will live in it part of their BS paper work we signed and can now sell to a flipper. If there is a good reason for this kind practice while putting families through this kind of stress what is the point of the first look in the first place if Fannie mae has no intention of dealing honestly with a home buyer.
My next step is to look at the paperwork they send and take it to my friend who has been doing contract negotiation work for 30 years. I'm sure my agent will flip out when we walk out with their release form. Then there is the "earnest money"! Will we Get it back? If you are lucky enough to find this site before buying a house, you will have an idea of what you may be in for if you look at a Fannie Mae house for sale. I can tell you that my wife and I did all that redesign in conversation and on paper. Maybe there is a legal solution to what is being perpetrated on the public. But this is a gov. funded organization, is it not?
I signed a contract with Fannie Mae on a house December 1, 2014 with a closing date of December 28, 2014. They chose that date and I agreed. I sent them 16500 in earnest money and I cashed out stock so I could purchase the house in cash. They extended the closing 6 times because they needed to do repairs in order to dewinterize the house. For some reason they couldn't get it together enough to do the repairs. On March 3, three months after we signed the contract, they cancelled the contract. The only reason they gave is 'seller decision'.
The sellers agent said they don't have to give a reason. I looked on HomePath and the house is back on the market!! So I cashed out my stock, cashed out a portion of my 401k to give them the outrageous amount of earnest money they demanded and gave my landlord notice. Now I don't have a home to move to. They are untrustworthy, lazy, and don't care about potential homeowners. I would tell anyone I know to stay far away from Fannie Mae/HomePath homes. I was warned, and now I am left with nothing but months of frustration.
Have an offer with Homeopath and upon my inspection found out the property has asbestos. It is within my 10 days inspection. Fannie Mae will not fix or lower the price even although it is a health and safety issue. I submitted the text result from the lab. So after spending hundreds of dollars in inspection I am force to walk away. What type of government agency that our taxpayers are paying for. They don't care about your health and list property that has no disclosure and even after bringing it to their attention they said they won't fix it and refuse to lower the price putting any future buyer or inspector at risk and committing fraud by not disclosing vital information. Where is honesty and where is a heart to sell REO with asbestos to another buyer.
My story begins with entering the real estate market as a landlord. My story has a good ending, but it wasn't because Fannie Mae did anything to help...Quite the opposite. In July of 2014, I had my realtor submit an offer on an REO. After a few counter-offers and normal contingencies, the purchase process was set in motion. To my surprise, the listing realtor and Fannie Mae made it impossible to have my bank perform a home inspection and the contract eventually fell out of compliance and expired. I reentered into contract, but this time I had to put another $500 up... so I did. As the process moved along, my bank was still not allowed in for inspection. The listing realtor notified my realtor 10 days before expiration that the gas in the house could not be turned on and therefore the plumbing could not be de-winterized.
So me being the determined one, I took the issue on head first and contacted Fannie Mae and the listing realtor and it was like talking to a rock. They didn't care and both quoted a line out of the purchase contract... "time is of the essence!". My reaction was "are you serious?" I am the only one trying to move the transaction. Not one person made a positive attempt to close the deal. I was told that I would lose the earnest money because I had allowed the contract to fall out again. So in a last ditch effort, I told them I would pay with cash. This is where things get nuts.
After I notified them that I would be paying with cash, both were suddenly enabled to communicate. I was told this time that I would need to send them another 10% of the purchase price ahead of time because all cash purchases are required to have a certain percentage down. However, this was 2 days before the actual close was scheduled and the contract was to expire. If for some reason the contract had expired or not closed, I risked losing even more earnest money.Fortunately my letter to 120 people and phone calls, including politicians persuaded Fannie Mae's leadership to accept my cash offer and close the deal without any further pain. Now I see similar complaints to mine and I am submitting this to let others know that they are not alone and that Fannie Mae has some big problems... From my perspective the top 3 problems are:
1. The leadership does not care
2. They generate revenue by not closing transactions
3. They have less than normal moral standards and bully people through intimidation tactics
By the way, the property I purchased also needed the sanitary line replaced, since it had cracked from not being winterized prior to being winterized. Fannie Mae knew this and had paid to have a remodeler come in and install a new ceiling and kitchen. They covered the cracked sanitary line with framing and drywall. Looked newly remodeled. How do I know this? Because the home had been in contract 6 times before and everyone else had the same issue of the inspection... Shame, shame on Fannie Mae. The house is fully repaired and rented... But it wasn't because Fannie Mae did anything to help. They won't help you and they will only try and stop you.
I notice a lot of Fannie Mae homes on the Big Island, and am thinking of buying one. I notice that they seem to stay on the market for a long time. I also cannot get a straight answer as to the process, possible length of time to close, or even if Fannie Mae does a termite inspection and remediation. It seems to me that they favor flippers as several homes that I have seen come up for auction and end up back on the market. Are they serious about selling to individuals or is this just another housing scam? Also, I cannot find out if there are liens or possible liens on the properties. SMDH.
So Fannie Mae accepts my offer for a house in Boca Raton about a month ago, 3k below asking price. I get an inspector and he tells me there are termites and the roof needs to be done. Right there I should have walked away but I understand these things happen. We tell FM about the inspection report and they say "Ok get an appraisal done." The appraisal comes in 4k more than our accepted offer. So we tell Fannie Mae we want 17k for the roof to be replaced (this is the lowest quote of all that we received). They kill the deal with no negotiating. So I ask for my 10k down back and they all of sudden want to make a deal.
Here's the funny part, the clown at Fannie Mae says he'll give me the property now for 5k more than what the accepted and told me no to the roof. He said inspections are for buyers not sellers. What type of wall street failures do they have working there? Seems like he dragged me along just to get an appraisal done. Pretty pathetic. Not going that route ever again, should have listened to a lot of people telling me how low FM is.
At one time I actually thought that Fannie Mae cared about home ownership but now I think they are just interested in taking people's homes. I made the great mistake of moving in 2005 and buying a home priced at four times its actual value but I didn't know it until a year later. My mortgage was with Countrywide and my note and mortgage were never properly transferred. Their lawyers and the judges didn't care that this violated the law. Neither Bank of America as servicer for Fannie Mae or Fannie Mae was willing to talk about any principal reduction or any reasonable modification because I did not have financial need.
They took my home in 2014 and stuck me with a 1099 for $250K, $70K more than the original loan amount of $180K for interest accrued during the years that they took to foreclose so don't tell me I lived free. The mortgage relief act had expired so I have to claim that on my taxes. My credit was ruined. I am no longer a homeowner and maybe never will be. They were worse than a bank. They just don't care. No one seems to care.
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