Home Buying in Plymouth>Question Details

wohlf1cw, Home Buyer in Canton, MI

Can I, the buyer on short sale, contact Fannie Mae to get update?

Asked by wohlf1cw, Canton, MI Mon Apr 8, 2013

Purchase agreement was signed August 2012. The deadlines provided by listing agency (Elias) keep getting pushed back. We were told in November that we should expect to close by end of December. I am pregnant and due May 27th. If we don't close before I go into labor, we will lose house because we can't get approved for mortgage on just my husbands salary and I won't get paid while on maternity leave. I want to know if there is anything we can do to move this along or to at least get an update. We were told 3/28 that short sale is approved but they need quality review team to sign off on it. We were told that should only take 2-3 business days. that was 1.5 weeks ago. Can I call Fannie Mae and talk to someone to find out what is happening? Is there anything we can do. We need answers, please.

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6
More bad news -- you will need to check with your lender to see if they will even allow you to participate in any transaction with this listing company...which they may not.

Many lenders have placed a restriction on any transaction of any nature with this listing company, so you may want to make an immediate call to see if this is also the case.

I do advise that you do this right away, because if this is the case, you need to begin looking at other homes right away.
1 vote Thank Flag Link Mon Apr 8, 2013
I agree with Joe and others and if you are working with a Buyers Agent they should be aware of what is going on with Elias. See about getting out of the deal and begin looking at other properties ASAP. Try to avoid the Short Sale properties because they can take many months, unless the bank has already set a price for them. I don't want to imply anything wrong here but you have to look out for yourself. I never show Elias properties because of their issues, I cannot take a chance. As far as calling Fannie Mae, you can give it a try and see what happens, your situation is not the norm.

Good luck
If you need a Realtor, feel free to contact me.

Good luck

Pam
1 vote Thank Flag Link Mon Apr 8, 2013
Wohlf1,
Even if you had written permission from the seller's your pleas for help and a speedy resolution wouldn't move the process up even one day. Banks are stuck in their own systems which frustrate the most patient people in the world. Common sense, appeals to their own interest and human decency will fall on deaf ears.
Here's what I urge you to do, start looking at other places TODAY. A short sale is a gamble you can't afford to take much longer. Review your contract to understand what obligation you have to stick around. Do not give notice to back out if you find another home until the very last minute. It's possible the answer will come without much warning or never at all. At this stage of the game I would encourage you to keep this option open while pursuing other non-Shortsale options.
1 vote Thank Flag Link Mon Apr 8, 2013
Thanks Dan! I appreiate your help.
Flag Tue Apr 9, 2013
Your agent should be able to filter for short sales, I can in my area. Looking online on your own will not bring the best results. In many makets across the country great homes are under contract in 1-3 days. Many sites are not updated in real time, so you may lose a day or two and completely miss out on some homes.
If you are under contract on the short sale with the listing agent, get another agent to help you find another house. One who is strictly looking out for you.
Best of luck, I hope you find a home quickly and in time for your baby.
Flag Mon Apr 8, 2013
Thank you. I think you're probably right. I appreciate your insight on this. When looking at homes online, is there a way to tell if it's a short sale so that we can avoid those in the future?
Flag Mon Apr 8, 2013
Only if you get account numbers, social security numbers and signed authorization from the Seller. Although if you are not experienced in negotiating short sales I wouldn't suggest it, even if a Seller did give you this info (Which I can't imagine they would.) , you need to remember you need to know the ins and outs of the process. These are debt collectors that you are talking to. Many times they do not even know our state specific guidelines because each state has different rules and regulations. So you really have to know more than they do to be successful in doing this. Depend on your agents who are experienced in this field.

I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
1 vote Thank Flag Link Mon Apr 8, 2013
I understand. I wasn't planning on negotiating the short sale. They told us the short sale was approved but they just needed quality review team and manager to sign off on it. we have not gotten an update in 1.5 weeks even though we were told it should only be 2-3 business days. I was just wondering if there was a way to get an update on where everything stands and when we can expect to have sign-off on short sale. I understand now that, that is not possible though.
Flag Mon Apr 8, 2013
Unfortunately, there is very little you can do. Fannie Mae won't talk to you. You have to get your information from Elias. Is your lender aware that Elias is the listing office? See the attached link which may provide some additional information:

http://www.freep.com/article/20130228/BUSINESS06/302280107/F…

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
1 vote Thank Flag Link Mon Apr 8, 2013
My lender is aware that Elias is listing office. We were told they won't approve mortgage until the listing is switched to another broker. We were told by Elias that they will do that once there is short sale approval. They told us they could not transfer listing before short sale approval because then they would have to start process all over again.
Flag Mon Apr 8, 2013
Sorry but you cannot talk to Fannie Mae about the short sale unless the seller has authorized you as a contact to speak to Fannie Mae on their behalf. Elias Realty is under federal investigation for their business practices and that could be contributing to the additional delays you are experiencing. I try to make sure my clients avoid all Elias listings as this story is becoming more common.

As a buyer there is not a whole lot you can do, your agent needs to keep pushing Elias for an answer. You can have your agent ask Elias to give him/her authorization to talk to Fannie Mae about the file, but that might be a long shot and I am not sure Elias would allow that.

Good luck with the pregnancy and I hope all things work out.

Thanks.
Joe Bertera.
Remerica Hometown One.
248-521-6443
1 vote Thank Flag Link Mon Apr 8, 2013
I understand. Thank you for the quick response. I appreciate your insight on this.
Flag Mon Apr 8, 2013
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