Q: We put in a offer for a forclosed fannie mae propoerty. Fannie Mae came back and countered our offer we accepted. We put up ernest money and already had been preapproved by our bank. we paid for the inspection as well. We heard back this Monday that the property hasnt been foreclosed on proporally and so the closing date would be another 3 weeks away instead of the this week (yes we were suppose to close this week). Then today we heard that the property would be put back on the market after they get the forclosure done right. Then we would have to put in another offer. Plus we would have to wait 2 days after it gets on the market before we could put in our bid again! We had this home already under contract and was about to close. ALL this information is coming from the listing agent. ANyway we have contacted fannie mae and are waiting a response.
I would also like to add we put in the offer only 7 days of i listed. Then it was listed pending with backups accepted.
A: Wow, Angie. I certainly can understand why you’ve been in tears. What a horrible experience! While there’s no joy in this situation, the one thing you need to hear is you’re not alone in this type of frustration. I’m finding myself more and more in a counseling role with my buyers when they choose to go the bank-owned foreclosure route to purchase a home. I’ve only entered that mindset once I saw the devastation it caused some of my clients in the process and I wanted to do everything I could to prevent it in the future.
Unfortunately, banks are currently abiding by the “Golden Rule” but not the one we learned in Sunday School. Their Golden Rule is “We have the ‘Gold,’ and WE rule.” You’ll find little consumer action at this point available due to the nature of what’s going on nationally. I simply STINKS!
The best thing for you to do is cling to your agent and go through the steps others have noted here. If you want to buy a bank-owned home, you have to play by their rules, as unfair as they can be. If this is INDEED your home in your heart, ask yourself this question: Is this an emergency or an inconvenience? While it may feel like an emergency, it truly is a bump in the road, and with another submitted offer, chances are the home could be yours, just not right now. Given that you’ve done your inspections and appraisals, the cost to close the home shouldn’t be anymore, since you report you are out of money.
Hang in there, my friend. I’ll be thinking about you and your family!!
