In a nightmare buying a fannie mae homepath home...they accepted our offer but aren't getting the contract to us in a timely fashion...using a

Asked by Stressed Out, Albany, GA Fri Jun 10, 2011

VA loan They aren't getting us the contract so that we can start the VA appraisal process...they are demanding we close by the end of July which the VA said they could do as long as they get the contract from fannie mae quickly...listing agent doesn't seem to be trying to work quickly and wont divulge to our realtor any points of contact of asset manager? or anyone at fannie mae? I am active duty military with orders to report no later than mid July...as it stands now, I will have to report without having a home to live in, as our closing date is getting pushed back...if it goes past end of july, Fannie Mae will no longer agree to pay closing costs that they originally agreed to if we could close by end of july...Problem is we would love to close by then, but can't because THEY won't get the contract to us to get to the VA! Any suggestions on how to get a point of contact other than listing agent??

Help the community by answering this question:

+ web reference
Web reference:

Answers

18
Prosper Real…, Agent, Tucson, AZ
Sun Jun 5, 2016
Contact Home Loans For All. I can tell you from experience that they will help navigate through the Fannie Mae Homepath process. We send quite a few of our clients to them. We have an excellent relationship with Randy and his team over there. Here's a link to their website referencing the Fannie Mae Homepath program. Hope this helps.
1 vote
Steve Pate, Agent, Cumming, GA
Fri Jun 10, 2011
Call 1-800-732-6643 and give them the property address. The person at Pannie Mae will get intouch with the asset manager and try to speed the process up. The contract will not hold up the underwriting on the file. Your loan can be underwritten without the appraisal or executed contract. They will both be conditions the underwriter will ask for. Fannie signed contracts usually come back in 7 to 10 dayes after your agent sends back your signed addendum with a new GAR contract that matches the final offer in the addendumn. Make sure that you also send in the owner occupant cert and the lae based paint addendum so their is no delay. Your lender should be already underwriting the file. Deal only with a lender with delegated in house underwriting, as a broker will never be able to close on time and will always find someone else to blame. Your lender should be able to log into the VA appraisal management system and orcer the appraisal now to get it assigned and started. The appraiser will call the agent to get a copy of the contract.
1 vote
Heather Beal, Home Buyer, Alta Vista P.u.d., Austin, TX
Thu Jul 11, 2013
I'm in a similar situation. First it took 3 weeks to get an executed contract, due to the delay the interest rate on the loan went up from 4.125% to 4.875%. Then we filed an extension for the closing so that some verbiage could be changed on an insurance policy and the Asset Manager didn't sign the extension, so my contract expired and they put my place back on the market. Now I have to start all over and just submitted an offer again. Extremely Frustrating!!!
0 votes
, ,
Sun Mar 10, 2013
Stressed,

I have been in your shoes, as the lender involved in a Fannie HomePath loan. You can find out the asset manager pretty easily. I would be relentless in contacting the asset manager and Fannie Mae themselves. That is what I did and it got us closed more quickly than leaving things in the hands of the agent. I would start by calling Fannie at 1-800-732-6643.

Good luck, persistence will pay off, I promise you.

Tim

Timothy Brown | LPO Manager
Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125 | Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
NMLS#: 168281
0 votes
I've tried calling that number and leaving messages several times, but have not gotten a response. How do you find out the asset manager's name? Thank you for your help.
Flag Mon Jan 25, 2016
I've tried calling that number and leaving messages but no returned phone call. How do you find out the asset manager of a property?
Flag Mon Jan 25, 2016
Ty Cotton, Agent, RICHTON PARK, IL
Sun Mar 10, 2013
I wish I could offer you more advice in this arena. However, it's the nature of the beast. This is one of the main reasons why many buyers avoid purchasing Fannie Mae properties. I would recommend you visiting the website below or calling 1-800-732-6643 with the property address. Good luck.

http://www.fanniemae.com/contact/index.jhtml?p=Contact+...


Sincerely,

Ty Cotton
American Patriot Realty
708-699-8945 cell
708-261-0078 fax
cottonrock2@gmail.com
0 votes
myrlenem, Home Buyer, East Chicago, IN
Sun Mar 10, 2013
I HAVE NO ANSWERS FOR YOU. I WAS THINKING ABOUT BUYING A HOME WITH HOMEPATH BUT ALL I AM READING IS THE SAME KIND OF STORIES. THIS IS HORRIBLE. HOW CAN THEY PLAY WITH PEOPLE LIVES. I WILL SAY IM SO SORRY THEY HAVE PLAYED WITH YOUR FAMILY LIFE. I HOPE A PRAY YOU GOT YOUR HOME.
0 votes
, ,
Fri Jun 10, 2011
From the day your agent submits your signed contract back to the listing agent, it will take a few days for seller signatures to be obtained. Most of Fannie Mae REO properties are managed by various asset management companies rather than actual Fannie Mae employees. A buyer or a buyer's agent would typically never be allowed to communicate with the asset manager.

On REO transactions, there is always an addendum that must be signed in addition to the sales contract (GAR). There will also be some other exhibits that must be signed. Everything must be filled out correctly and signed in the appropriate places before the seller will execute everything.

VA technically does not approve mortgages. When you say VA, you really mean the mortgage company (USAA) that you are working with. It is the turn times of USAA that you are really referring to. Your mortgage company can underwrite and give you an initial approval without the fully executed sales contract. They will however have to wait to order the appraisal until it has been received. As part of the appraisal guidelines, the appraiser is required review and comment on the fully executed sales contract.

Regards,
Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
0 votes
Stressed Out, Home Buyer, Albany, GA
Fri Jun 10, 2011
we are still waiting on the addendum...The listing agent called our realtor late wednesday night to say they accepted our offer, should we expect the addendum by Monday?? Every day has us more stressed because we have been doing all we are asked of on our end. Our realtor really has been wonderful and it seems like the listing agent or asset mgr. or fannie mae take so long to get things back to us and then are unwilling to budge when they give time restraints that can't be met that are completely out of our control. I guess we are so nervous because this has been a month now that we've been trying to get this house and days are ticking by.
Again, thank you all for your advice...I appreciate it so much and am desperate to have closing on time.
0 votes
Linda S. Cef…, Agent, Franklin, WI
Fri Jun 10, 2011
Sounds like Steve may be your best bet.
0 votes
Elizabeth Bi…, Agent, Key West, FL
Fri Jun 10, 2011
Fannie Mae is a government entity. They have an asset management company that processes the transaction. The requirements for a contract can be difficult for a inexperience agent to navigate. Sometimes the state contract does not match the Fannie Mae contract. The contract must be re-written. The process make take several tries. Every try puts the contract dates in a different position. The listing broker works for Fannie Mae and is not obligated or allowed to let the other agent have discourse with Fannie Mae. It sounds like somewhere along the line there is incompetence. I work for Fannie Mae as a listing agent. If one mistake is made the contract is basically sent back to square one. This is a very inefficient system. The Obama administration is trying to streamline the process. It looks like you are stuck in a morass of government paperwork.
0 votes
As you said FANNIE MAE IS A VERY INEFFICIENT SYSTEM. I have been waiting for 5 months since my contract was signed on a Fannie Mae owned apt in NYC... and if we cannot close it is because Fannie Mae cannot get the clearance Flip Tax and the past maintenance (which they have to pay)... It became a true nightmare as I am on Penalties now since I went over my locking rate + the extension the bank kindly gave me... I recommend to anyone NOT to buy a Fannie Mae property.
Flag Mon Jan 14, 2013
, ,
Fri Jun 10, 2011
Stressed,

I have been through what you have been through. You must go above the asset manager to Fannie Mae directly. I just did this on a recent HomePath property. Once I got someone at Fannie involved things started moving. Regarding the financing, your lender should be able to do a preliminary underwrite and you should be able to obtain an appraisal with a contract that is factually acurate even if it is not signed by all parties. This way you are doing both things in parallel and when you get the executed contract back you will be set to close.

Let me know if I can help you.

Timothy Brown | President
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes
Stressed Out, Home Buyer, Albany, GA
Fri Jun 10, 2011
At this point I don't know who it is that is dropping the ball...the listing agent or the bank...I do know that the listing agent is the broker, so there is noone to speak to over their head apparently. We are working through USAA with the VA loan. I guess I will try and find out how to get in contact with the VA to maybe have them help with getting in contact with the bank/fannie mae??

Thank you all so much for all of your suggestions...can't tell you how much I appreciate it!!
0 votes
Linda S. Cef…, Agent, Franklin, WI
Fri Jun 10, 2011
The listing agent is the point of contact. Is it the listing agent that is not cooperating or is it the bank that is not getting back to him/her. If it is the listing agent that is dropping the ball, ask your agent to contact the listing agent's broker.

Another avenue is to contact the VA and ask them to contact the bank that holds the mortgage. Your agent should know who that is. I have a short sale right now where I have had to utilize the services of the VA to get the bank to move forward.

Not much help, but something.
0 votes
Stressed Out, Home Buyer, Albany, GA
Fri Jun 10, 2011
I guess my real question is if anyone has any advice on how to get these people to be more prompt and work a little more quickly on their end. This has been so stressful on my family. We are currently stationed 1000 miles away and I am checking out of my unit next week and will have to check into my new unit mid July with no home to take my family to...sooooo frustrating. Definitely learned the hard way that a foreclosure is not a good choice when on a time crunch, although I thought I was giving myself enough time, but have been playing the stressful waiting game from their end...
0 votes
Brenda Feria, Agent, Richmond, VA
Fri Jun 10, 2011
Below is the link to Fannie Mae Customer Service. You might try that. It can't hurt.

Good luck.
0 votes
Stressed Out, Home Buyer, Albany, GA
Fri Jun 10, 2011
well, this is actually the second time we've had the offer in...initially we submitted an offer on May 11, we would wait for days to get a response. At that time we were told by the mortgage company that the VA could close by june 21...it was May 25 when they finally accepted our offer with the stipulation that we close by june 30...they never got the executed contract to us, only the addendum...by then, the VA said that the earliest they could close would be July 10...still no contract, and our 10 due diligence timeframe was running out and they would not offer an extension and since we could not close by june 30, they were no longer willing to pay closing, which they accepted in our offer. We had to withdraw our offer, or lose our earnest money. We then resubmitted the offer asking for a July 30 closing date (the VA said we should be able to close by July 19)and it was accepted again (although they said we need to close by July 25), they are now only offering 3% closing costs. I am so afraid that if they don't get us the exectued contract soon, our closing date will again be pushed back and they will again not agree to the closing costs. We would love to close ASAP if they would get us the paperwork to do so.
0 votes
Michael Emery, , Minneapolis, MN
Fri Jun 10, 2011
How many days have you been waiting for the signed contract to be returned since Fannie Mae verbally agreed to your offer?

The listing agent won't divulge the name of the asset manager or Fannie Mae representative because it's THEY are the point of contact for the transaction and the asset manager goes through THEM.
0 votes
Stressed Out, Home Buyer, Albany, GA
Fri Jun 10, 2011
also note that we are first time home buyers and if any of the above isn't worded clearly, I apologize as we are new at this and trying to understand the terminology.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more