Home Buying in Maine>Question Details

Kris, Home Buyer in Maine

We have a verbal acceptance from a Fannie Mae REO property and have signed and returned the addendum .

Asked by Kris, Maine Sat Apr 11, 2009

Up until this point the listing agent had been very helpful, but now will not return our buyer's agents phone calls. We just looked at the listing to get some information and noticed they had just dropped the price by $10,000. The listing agent assured us that he would have the house dewinterized and we have to have all of our inspections completed by Friday (today is Saturday) . He has yet to do this. We have not yet received the signed copy of the addendum back from seller as it was only accepted on Thursday. We went out today to do our radon test and while we were there there another agent came to show the property. They were told by the listing agent that the property was still available and mentioned nothing of a pending verbal acceptance. Can Fannie Mae still accept offers until they have signed the addendum? And if so, do they have to tell us if they are backing out of the verbal acceptance of our offer? Is this normal protocol for a listing agent on an REO property?

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So an update to our dilemma, we still have yet to receive a signed contract back from Fannie Mae, the home is still listed, but the listing agent / bank has agreed in writing, to extend our extension period from the date that the bank completes the repairs that they have agreed to fix in the signed addendum (signed only by us the buyer). So Thursday the 16th, we get a new amendment stating Fannie Mae no longer accepts our offer and has to raise it by $3000 due to the home needing a new furnace. But if we signed it and sent it right back, they would start the repairs immediately and would fax us the bank signed contract. (This email was directly from Fannie Mae) We loved the house so we agree to the new terms and faxed over. The listing agent tells us as long as we send over by 10 am Thursday we would have signed contract from bank in hand by end of day. Today is now Saturday, guess what? still no contract from bank, and listing agent hasnt called back our buyers agent since Thursday to answer questions.
We just called our agent and told him if we didnt have signed contract back by Monday the 21st, then we will be backing out. This is 17 days after we submitted purchase and sale and feel this is fair. Question being, does anyone think this will work, or should we assume we have lost the house regardless and start looking at other homes? We just cannot figure out if this is normal and we just are not being patient enough, or if this deal is shady and we should see the writing on the wall. Any thoughts, comments would be greatly appreciated!
0 votes Thank Flag Link Sat Apr 18, 2009
I can't really speak to Maine laws, or market, as I am in VA. But, I often compare notes nationally with agents all over, and I will tell you that your situation sounds odd. Once you have verbal acceptance - although it may not be enforceable legally, I generally have confidence that it will be fully ratified. I've never had the experience of which you're speaking, is it possible that the listing agent is mixed up on something - either she provided you with a verbal acceptance and she shouldn't have, or she misspoke when talking to the other agent? People are people, and they do make mistakes.

All that being said, I have no idea why you are spending money on inspections without a fully ratified contract. I do understand deadlines, turnaround time, etc. and even address those in my REO posts - see below. But, as I said earlier - even though I have confidence after verbal acceptance, there are enough opportunities for something to go amiss that I would not ever have my clients betting their money (i.e. paying for inspections) until it is fully ratified.

Hopefully everything will work out. If you don't have a return call by Monday, perhaps your agent can contact the broker (listing office), and get some response.
0 votes Thank Flag Link Sat Apr 11, 2009
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