Fannie Mae "Temporarily Off Market" How to determine why?

Fannie Mae "Temporarily Off Market" How to determine why?

Member since 2018 · 2 posts · 0 votes

Hi everyone!  We just put in an offer on a Fannie Mae Homepath co-op.  Fannie Mae countered and we accepted their counter offer.  Then, about a week later, and without warning, the property was re-listed as "Temporarily Off the Market A->T"  

When we called Fannie Mae directly, we were given no information.  Just told that it was not in contract with anyone else. The desk jockey told us that it could be an issue with the title on the property which could take anywhere from 1 month to 10 months to resolve. But this is a co-op, and titles are not used in this instance as far as I understand it.   And this was not concrete information anyway. The listing agent has been stonewalling us, not giving any info.

From what I've read on this forum, it seems quite common for Fannie Mae to only discover legal issues with a property after an offer has been accepted.  But my question is:  Do you know how I can determine exactly what the issue is?  And who can we pester to try to get the potential issue dealt with in a timely manner?   Without information, we can't determine if we should walk away from the property or not.


Is there some sort of "trick" to squeezing information out of Fannie Mae?  Giant, bureaucratic corporate behemoth must have SOME human being with actual knowledge and the willingness to disperse it, right?  Maybe if you give them some sort of code word when you dial in?  Or do you have to know the right person on the inside?  Is there something our broker has to do?  

Any insight will be greatly appreciated.  Thanks! 

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  • Lender · Brooklyn, NY · Member since 2016 · 110 posts · 48 votes
    7y

    Do you know anyone that lives in the building? It may be tough to get information out of Fannie Mae, but by law the original owner signed a recognition agreement with the Co-op. The Co-op likely has more information so if you know someone who lives in the building they may be able to press the management company or the Co-op board for more information. 

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

    This usually is a "title issue".....whether it be the actual property title/coop agreement, an error in the foreclosure, original mtg, etc. You'll learn nothing specific from Fannie. Best bet, if you're motivated, search, or have someone knowledgeable search the all the recorded documents, mtg, foreclosure action, etc. You may find the problem. I had an agent friend trying to buy an REO, got stalled by "title problems" no timeline to cure......a quick search of the foreclosure file showed they forgot to name a junior mtg in the foreclosure...they were going back into court to vacate the foreclosure, start again naming the junior mtg holder, yada yada.....6 months minimum.

  • Member since 2018 · 2 posts · 0 votes
    7y

    Thanks for this!  We will do some sleuthing, ask some folks in the building and research the foreclosure file.  

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