how can I speed up a fannie mae foreclosure purchase>?

Asked by Pat, 33914 Tue Aug 3, 2010

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12
Mark Washburn, Agent, Cape Coral, FL
Fri Aug 6, 2010
Unfortunately, it is difficult for a buyer to speed up the time frames associated with a foreclosure transaction. Although you are incurring expenses for temporary housing and storage, hopefully you are realizing some savings for not having to pay expenses like your mortgage, utilities or taxes for the new home.

Best wishes for a quick resolution!
Web Reference:  http://www.gulfreturns.com/
1 vote
Chris Spina, Agent, Bonita Springs, FL
Tue Aug 3, 2010
Hi Pat: Reading through the thread it sounds like you are in quite the pickle. The lenders do no care about you. Bottom line. They care about what their needs are and the timetables they need to sell the property. If they need to extend so be it. Not sure what your contract says, but I suspect you have zip recourse for any damages due to their delay. Maybe you should threaten to cancel the deal or possible serve them time of the essence. It all depends on the language in your agreement. I would suggest you consult with your attorney as to possible recourse. I have done several REO sales and this is a first for me where a lender has changed closing dates twice! What does the title company say? What does your Realtor say? Good luck and hope things work out.

Regards, Chris Spina
Web Reference:  http://www.spinarealty.com
1 vote
Pat, Home Buyer, 33914
Tue Aug 3, 2010
This is a foreclosure. Offer was accepted and closing date was set. The closing date has now been changed twice due to the wait for an interim deed. The consequence has been considerable added expense to me as I am in temporary housing with all belongings in storage, etc.
1 vote
AJ Ackerman, Agent, Cape Coral, FL
Tue Dec 21, 2010
Hello Pat!

I understand your frustration! Unfortunately you are in the hands of the bank gods. It is taking longer then usual because of all the paperwork involved. Fanni Mae has just recenlty re-listed properties and has sent hundreds of file to new title companies that dont have the resources to get them closed in a timely fashion.

Stay patient and be sure your agent is on top of the title company.

GOOD LUCK!

A.J. Ackerman
239-565-7867
Web Reference:  http://ackermanswfl.com
0 votes
Linda Biondi, Agent, Cape Coral, FL
Wed Aug 4, 2010
Hi Pat,
In order to try and speed up a foreclosure purchase, we need to know what the hold up is? If it's a foreclosure and an investor has repaired and is trying to resell it - Fannie says you have to wait 90 days (that's what they refer to as "seasoning") If that isn't the case, then you truly need to question your lender with the specific question of why it's taking so long. Hope that helps.

Linda Biondi,
Realtor Cape Coral, Florida
0 votes
James Gordon…, Agent, Hamilton, OH
Wed Aug 4, 2010
Pat it sounds like you need for the deed to recorded after the sheriff sale. Sometimes after the sale a property will be listed and there is a disclaimer somewhere that says subject to seller obtaining deed. Inj my area one of the counties was 16 weeks behind on filing deeds after the sheriff sale. Check with the Realtor® that is representing you to find out about about your situation.
0 votes
Alma Kee, Agent, Tampa, FL
Tue Aug 3, 2010
Not sure what an "Interim Deed" is. I've never heard of that terminology before.

I would suggest sending a fax and a letter (with proof of delivery) to the title company doing the closing spelling out your hardship due to their inability to close the transaction on time. That way if there is anything they can do to speed up clearing up any liens or issues on the title, it may help.

As mentioned by another Realtor, the Fannie Mae contract probably doesn't provide you with any recourse other than cancelling the contract. Do you still want the property?
0 votes
Dianne Scott, Agent, Eustis, FL
Tue Aug 3, 2010
Hi Pat,

I think you would have to know what the hold up is to do much. I had one transaction where the lender had been taken over by the FDIC and we were waiting for a Deed from them. I called my Senator's office and talked to a staff member. They ultimately put us in touch with FDIC, but it didn't speed things up enough to help.

I'm sorry for your troubles, and I wish you luck.

Dianne Scott
Web Reference:  http://www.DianneScott.com
0 votes
Alma Kee, Agent, Tampa, FL
Tue Aug 3, 2010
Hi Pat,

Is Fannie Mae the actual owner or is it a short sale pending approval by Fannie Mae? They are two different animals.

What do you mean by speed up? Do you have a contract signed by the owner and are getting the closing date pushed back or are did you merely submit an offer and Fannie Mae's Asset Manager has not yet selected an offer of those owner-occupants who have submitted bids?

Give us a little more detail and we'll try to help.
0 votes
Pat, Home Buyer, 33914
Tue Aug 3, 2010
Don't count on a given closing date. We also had a quick acceptance and a quick closing date for a cash sale. It has now been extended twice at their request. Very frustrating.
0 votes
Bonnie Miller…, Agent, Ft Myers, FL
Tue Aug 3, 2010
I wrote an offer last week and it was accepted today and will be closing on 8/17. I thought that was pretty fast.
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Tue Aug 3, 2010
you cannot. Be patient......the only advice I can give you.


jessemcgreevy@gmail.com
239-898-5329
0 votes
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