All Forum Posts by: Randy Murphy

Well, never let it be said that Fannie Mae does not do repairs.  They agreed to do the repairs necessary for funding.  They did extend again until Sept 8th but have already comepleted one repair.  My loan officer was okay with the delay.  Looks like I will be a homeowner in a couple of weeks.  Whoo Hoo!

My loan officer is filing a 15 extension on our lock and is helping to deter some of the cost of that.  Like I said, my realtor is confident we can get this done.  He is as frustrated by this as I am.  Just want this done so we can move in.  Thanks

That is where we were at the beginning this.  We had submitted our offer, had it accepted and had our part of the contract signed in just a day, but we had to wait two weeks for Fannie Mae to sign their portion so we could get everything going.  We already filed to extend the closing through the 29th so I hope that it can get done by then

Everyone says don't worry, but I cant help but worry a little.  We love this home and cant wait to put in the work to make it own, and going through this is not fun at all

One of the repairs is FHA, the water heater. The exposed foundation is an underwriter issue. My realtor has had experience with Fannie Mae and is confident we can make this work. I just hate the fact we got so close and to delay because we are waiting on Fannie Mae.

Could we switch to a different loan, either a Homepath renovation or FHA renovation loan, to make this all work if Fannie Mae gives us any issues??? My loan officer also saif that through FHA, I can borrow an extra $8000 on top of my mortagage to do repairs but I do not know if that is possible before closing.

We are doing an FHA loan, hence the repair requirements before funding. Our loan officer said in the beginning that a Homepath loan would be more expensive in the long run.

I don't want to play chicken and have them cancel the contract from under me. 

Thanks for the advice regarding repairs, we will see how things go?

Kind of of frustrated at the whole thing and don't understand what to expect.  We had an offer accepted on a Fannie Mae home, and had the contract signed and everything on July 18th, which put our closing for August 18th.  During the appraisal, there a hot water issue found so our realtor out in a request to have it fixed by Fannie Mae.  During a soils inspection, part of the foundation of the house was discovered exposed so it needs to be filled in and compacted.

My loan officer is ready to close as soon as these repairs are made, I even said to forget Fannie Mae and we would pay for the repairs to get it done.  My realtor even went so far as to line up the repairs so they could get done immediately so they could get re-inspected so we could make closing.  but the selling agent whom represents Fannie Mae wont let any of this happen until they get word from Fannie Mae on what to do.

Why is it that even though we are willing to pay for the repairs to allow it to close, they wont let us do it.  Because we have to wait on Fannie Mae, my realtor had no choice but to put in for a two week extension of the closing date and my loan officer has to do his own extension so I keep my current loan rate.  I have already wired funds to escrow to cover the rest of my down payment and closing costs so we are just waiting.  Why the holdup????  My wife and I love this house but I don't understand the delay.

They know we are using FHA so since the water heater issue came out on the appraisal, is raised the likelihood of it getting fixed. Hoping for the best

We are continuing with the contract.  Home inspection came out great and the house appraised for $40000 more than what we are buying it for.  Our realtor has had experience with Fannie Mae and feels like we have a good chance of getting this  fixed.  If not,  I will pay for it through escrow once we know our loan will go through.  Not losing the chance of buying this house.

Hello all:

So, my wife and I have just started escrow on a Fannie Mae home. We are finacing this purchase through FHA. Everything has been going well so far (The only hiccup so far has been the two week wait for Fannie Mae to get us the signed contract back so we could actually move forward)

Had the home inspection yesterday and the only issue in the house was we could not get the hot water to run. The home has a tank less water heater and the inspector could not get the unit to turn on. Our realtor said that will be an FHA issue that must be addressed. I understand Fannie Mae sells properties As Is and will not do any sort of repairs, but this is a minor issue and the only thing that will hold us back from getting FHA approval.

What are the chances we can get Fannie Mae to address this issue? Its not a major issue like a roof needing replacing. I will be more than happy to put the money up to fix it myself. I know there are options such as arepair escrow or the FHA 203k loan. Does anyone have any experience with Fannie Mae on getting them to fix a small issue such as this.

Hello all:

Been wanting to buy a home for a while and finally got the opportunity on a Fannie Mae Homepath property.  Asking price was $165900 after dropping by $70000 in the past 5 months.  Its a foreclosure.  Got the preapproval and made the offer for the asking price, plus asked for 3% closing as well as a short list of other requests such as septic, termites, home warranty, etc.  All together it amounted to around $7000 we were asking them to pay. 

Put the offer in, and within 3 hours our realtor called to say there was another offer and they were asking for our highest best offer.  We increased our bid by $10000.  The next morning, our realtor called again and stated the listing agent contacted him and said that if we took off one of our requests, we would be much better off.  It was a soil thing that is required by where we live which was an $800 cost.  We did that and waited.

Here is the mystery which maybe someone can explain.  We got they accepted our offer, but they accepted our original $165900, not our higher offer.  On top of that they agreed to pay all of our other requests.  Why would a seller accept a lower bid rather then the higher offer?

Second question:  We signed the offer on our end and now we are just waiting for Fannie Mae to sign the contract so we can move forward.  How long dies it take fir Fannie Maw to do this?  We want to get things going but hate the wait.

Thanks