All Forum Posts by: Julia Dugger

I WISH it would rain here in Jax!

Has anyone pursued an eviction in DC recently? If yes, how long did it take? Last I heard, the court system was severely backed up post-Covid eviction suspension and it was taking 18 months to even get on the docket. Anyone have recent experience?

There is no written exception but reach out to the Fannie Mae Resource Center (800 2FANNIE) and explain that you'd like to pursue an exception to the Owner Occupant Deed Restriction and what is the best way to pursue. As long as you can validate the reasons, they may consider it. The (less appealing, for sure) alternatives are just to hold it for a few more months and/or sell it below value.

@Andre Pridgeon, in most circumstances, there are multiple offers from owner occupants during that First Look window. Fannie Mae will typically negotiate those offers -- as long as something is reasonably close to list -- in a good faith effort to get the property under contract with an owner occupant. If none of the offers that come in during the First Look period are viable, offers are then accepted from investors as well.

@Jeremy Turner this is true for all markets.

Fannie Mae will typically wait a few days (sometimes a week or so) to collect offers and then kick off a multiple offer round. Just be cause you have submitted an offer does not mean they will stop allowing them to be submitted. If there's a reasonable offer submitted during the First Look period, they'll typically negotiate from there, before the period expires. During this time, most homes sell for near or over full price.

Thanks @Wayne Brooks, this is super helpful. I think you're correct, BNYM is the investor and October was the foreclosure sale -- they took title and listed it with the local REO broker at Re/MAX who put it under contract on 12/21. In the interim they'd already scheduled it with Auction.com for auction (sorry, I wasn't clear -- it's not up for foreclosure auction next week, just straight auction) -- with the holidays they likely haven't told Auction.com that it's under contract. I am still curious about the UNITED STATES GOV TREAS DEPT designation on the October sale -- does that happen with BK?

I'm interested in a Florida property showing as on the docket for auction next week -- in looking at the transaction history on the property, there's a Certificate of Title (unqualified) in October of this year for $200 that shows the following:

GRANTOR: (JANE DOE) ETAL/UNITED STATES GOV TREAS DEPT ETAL

GRANTEE: BANK OF NEW YORK MELLON TRUSTEE ETAL/ CWALT INC ALTERNATIVE LOAN TRUST 2006 OC1 ETAL

The property is currently listed for sale but showing an "offer accepted" designation. The auction is scheduled for next week. 

I'm trying to understand what's happening here -- it doesn't look like a typical foreclosure sale took place but clearly something happened. Maybe it's a federal asset seizure of some kind? 

As long as your son is also on the deed and he is living in one of the units, the property will be considered as Owner Occupied by Fannie Mae. Reach out to 1-800-7FANNIE and have them confirm it with the folks that work in REO for you because it's an area where often agents are confused.

@John H. I know this one is confusing -- HomePath is the identity used with everything associated with Fannie Mae-owned REO. HomePath.com is the website, naturally and you'll see "HomePath" sign riders in front of the houses. There was, at one time, a special HomePath financing which was the financing product available only on HomePath properties -- that is what was discontinued a few years ago. It was quite popular with investors because it is essentially a conforming loan, however it had no appraisal requirement and expanded limits on the number of existing properties an investor could own.

@Eric Thomson, for what it's worth, there are some HECM properties managed by the Fannie Mae REO team however those properties do not show up on the HomePath.com site. You will find them on the local MLS and you may see signs of HomePath/Fannie Mae activities on-property.