What is your question exactly? Did you have the home inspected? Not sure what to tell you. Fannie Mae has no knowledge about the properties so it's pretty impossible for them to disclose any problems with them. That's why every buyer needs to have a home inspected.... more
These are some of the risks of buying a foreclosure. Hopefully the deal was good enough to pay you for all the headaches. Probably not what you want to hear, but the reality of the situation.
You can wait or you can bail. If you wait there is no telling how long it will take to close. I'm guessing they want to close as bad as you do and get it behind them. Maybe your realtor can escalate the case with Fannie Mae.
Interest rates really haven't changed much over the past 3-4-5 months so hopefully it doesn't really matter much over the long term if your rate lock expires. Why would you pay huge fees to your lender? Never heard of that before? If anything though, sometimes their approvals are only good for 90 days or so...so at some point they may want you to go through the approval process again. Probably not a big deal for you as long as nothing has changed financially for you, you haven't had to sign a new lease or something like that....or that your were on the edge of approval...where now if interest rates tick up slightly from your lock that you now would not qualify.
With the Fannie Mae contracts I've seen, you have no recourse with them....other than to terminate and get your earnest money back. It might be different in NY, but I wouldn't think so....
If you like the place, you got a good price, and have someplace to hang out in the meantime, I'd wait. They'll get it done at some point.... more
I had the same problem with a Fannie agent who not only gave me incorrect answer on eligibility for the rebate (3.5% incentive for appliances and closing costs), but misrepresented and defrauded me in terms of repeatedly telling me it was not a multiple offer bid situation and I was the accepted bid, then later telling me Fannie had signed a contract with another party without me having the chance to bid. The Fannie Mae Resource Center line has been quite helpful in straightening out bad information about the incentive. 1-800-732-6643. Don't be shy about asking for a Level 2 supervisor if you can't get a clear answer. They wanted to know the property location so they could send out something "for training purposes" to clarify the incentive, so they do care. I have an "internal" Fannie memo on the incentive they give to agents if you will email me.
I have now sued Fannie Mae over this mess and have a court hearing in two weeks. Please email me so I can provide evidence of others being treated improperly. You can stay anonymous, I promise. I have found some 20 complaints like yours and mine on various websites.
Agents with similar problems are welcome to contact me. We need to raise our collective voices and I am fighting back, so that Fannie or someone else will police this unethical and illegal behavior. Plus it costs all of us taxpayers more money!