Question Details

Whatdidido, Home Buyer in Cuyahoga County, OH

Is anyone familiar with Fannie Mae Homepath loans?

Asked by Whatdidido, Cuyahoga County, OH Wed Mar 28, 2012

I recently tried to purchase a Fannie Mae Homepath property and signed the loan papers and a few days later the house was supposedly broken into and the copper pipes were stolen. The realtor that I was working with gave Fannie Mae an estimate of $2,100 to replace the pipes and the hot water tank. Fannie Mae rejected the offer, would not issue a credit towards the loan amount and would not repair the pipes. Why would a company that is supposed to be for the communites to keep foreclosures out of neighborhoods decide this? Totally stupid!. WHy would you put a home back on the market that was 38,350 and try to sell it for less when it has the same problems. They don't deal directly with the buyer they deal with the broker.

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3
Hi Whatdidido: Sometimes it is hard to understand the decisions made in selling bank-owned properties. Speculation here would be foolish because it could have to do with anything from the corporate hierarchy, to some formula that must be satisfied when selling a property, to a lack of understanding by a decision-maker, to other possible offers that you are not aware of, to changes in the market since your offer was accepted, to someone just having a bad day. As a rule, you should stay focused on your needs. When the deal ceases to make sense for you, it is time to move on. I assume you can do that under your purchase agreement. If not, this would be a good time to talk to an attorney.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
info@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Wed Mar 28, 2012
thanks I have decided to move on. I have a excellent credit score, stable job etc and I will continue to look for other houses but I will NOT use Fannie Mae again. I noticed on the homepath.com website more and more of their properties are going"back on market" or price changes, maybe that is why they have such an abundance of properties.. Thanks
Flag Wed Mar 28, 2012
It depends of your offer was already accepted or if it was still in the offer stage. If it was just an offer and not accepted they could do anything they want, if it was accepted signed sealed and delivered than you may have a case. Get an attorney...
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Mar 28, 2012
thanks my offer was accepted and under contract
Flag Wed Mar 28, 2012
When you say that you signed the papers, do you mean you closed on the house, or that you signed the purchase agreement? If you closed on your loan, then your homeowner's insurance should provide some kind of coverage.
0 votes Thank Flag Link Wed Mar 28, 2012
Thanks I mean I signed the purchase agreement with the realtor, the loan papers with the bank and paid the appriasal fee however when the realtor went back in the property to let the gas company in they noticed the pipes were gone so it did not even go to appraisal yet
Flag Wed Mar 28, 2012
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