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!
