Foreclosure in Las Vegas>Question Details

Dan, Home Buyer in 89014

Are fannie mae asset managers this slow?

Asked by Dan, 89014 Thu Nov 10, 2011

Made offer on Homepath home listing agent countered we accepted, signed paperwork and I understand were waiting for disclosure, and signing off on contract. Now comming up on 2 weeks still waiting. Does it normally take asset managers to be this slow. Does a closing on a Fannie Mae home take longer?

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Jesse Banke’s answer
I purchased a fannie mae home, put all the money down for the home, paid the lawyer off, I'm ready to move in. I've been waiting for the closing attorney on fannie mae's end to finish their paperwork for over 2 weeks now. It is annoying and this is potentially the most frustrating part of buying a fanny mae home that discourages buyers wanting to move into the homes. Probably why only investers who have the time and cash money to put in on these homes are the primary purchasers of fannie mae.
0 votes Thank Flag Link Tue Sep 10, 2013
I recently put a buyer under contract on a Fannie Mae home and we got the fully executed contract back in about a week and a half.
0 votes Thank Flag Link Mon Sep 16, 2013
My experience is that 5-7business days is pretty normal because their could be multiple folks that have to sign off on the deal.. Fannie will usually not talk to the Buyer, but will discuss the situation with the listing agent. Have your agent ask the listing agent to use the Fannie Mae escalation process to get this moving.
0 votes Thank Flag Link Mon Sep 16, 2013
Patience and communication are important here. Get your agent actively involved and everything will probably work out. It is frustrating.
0 votes Thank Flag Link Mon Nov 14, 2011
Not normally, but there could be any number of reasons for the delay. Have your agent contact the listing agent. After 2 weeks delay, they should at least be able to give a reason.
0 votes Thank Flag Link Mon Nov 14, 2011
Contracts generally move faster than 2 weeks, however, sometimes asset managers are inundated. If you aren't sure if the communication is good, it's time to talk to your agent and see if you can harness the deal. It's not done until it's done, but real estate sales are complicated with lots of chances for miscommunication. If your agent and you are on the same page, maybe you can see if your agent can talk with the seller's agent, who will then talk to the asset manager. Your agent could emphasize that you want to do this deal, but are anxious to open escrow (give them money in the form of your earnest deposit), and you need to know that this is going to happen, so you can quit looking at other homes, and focus on buying this one!
0 votes Thank Flag Link Thu Nov 10, 2011
Asking us the same question, doesn't help.

Have you asked your Agent this question?
He is closer to the action.

Good luck and may God bless
0 votes Thank Flag Link Thu Nov 10, 2011
Most banks want you to maintain strict time lines. They move a bit slower and maybe rightfully so do to the volume of homes they are dealing with. Have you already signed the Fannie Mae addendum s ?. If you have made it that far ,you are probably in good shape. Patience is key , hang in there.
0 votes Thank Flag Link Thu Nov 10, 2011
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