Asked by joshuawest82, Atlanta, GA • Thu Aug 9, 2012
We recently went under contract on a Fannie Mae owned condo. We initially offered about 4% under the listing, but agreed to the listing with 3% closing costs. The property is a foreclosure and missing several appliances, but we like the area enough that we were willing to go with it.
Now is the weird part. First, the MLS listing never changed to 'Pending' or 'Under Contract'. Second, once the appraisal came back under the list price, we've gotten into something of a bind.
We cannot cover the difference between the sale price and appraisal, and I refuse to go Homepath. The listing agent offered to meet the appraisal cost, but would REMOVE the closing costs completely. We cannot financially make this work between now and the closing, and they refuse to move the closing out. Is Fannie normally this painful to deal with? Is there anything we can do?
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