All Forum Posts by: Jerry R.

There are a lot of Fannie properties here. I am in SW Florida and we were hit hard here with foreclosures so what is true here may not not true in other places.

I believe the listing agents choose the listing price which may or may not be realistic, so I don't worry too much about list price - they will accept less if they need to.

Fannie has a 15 day first look program where they only accept offers from would-be owner-occupants. That time period seems to set the real price. If they are priced correctly they rarely make it to the investor stage. If they do make it past the 15 days you can bet it is over priced and can go in with a lower offer. Fannie wants it gone, you just need to have the strongest offer.

Don't make your offers based on listing price. Know your costs and how much you can sell it for and what you want to make. The numbers need to work for you.

Jeremy and Don,

Yes that is correct, which is why it's strange that the listing agent wrote in the additional terms that buyer to pay title using Fannie May closing company

In any case the addendum rules so it should be easy to get dropped.

Has anyone else run across this?

For the second time in the past month, I have run across an additional term on the contract for a Fannie Mae property that makes the buyer pay title.

This one states: "Fannie Mae buyer to pay title using Fannie May closing company". I assume by title it means just the title insurance. If they are going to make me pay title insurance, I should be able to close at my own title company.

These 2 properties are the first ones that I have made on Fannie Mae properties that require me to pay this cost. I am aware that taxes and doc stamps are always my responsibility. Is this typical that Fannie wants the buyer to pay title?

As far as the title company, I figure I am ok selecting my own company as the addendum supersedes the original contract. The addendum states that the buyer has the right to select the closing company, title company, etc.

Thanks for the help

I found out more information today and should be able to get the authorization letter tomorrow.

Looks like the old agent was too difficult for my client to deal with. The property is no longer under contract.

The mortgage company is CitiMortgage

I did do the two-way call with the client and loss mitigator, but they will still need an authorization form sent to the short sale specialist at Citi. Loss mitigator said it could take a week before I hear from the
short sale specialist

Thanks for your reply,

No, I am not sure why they gave up.

I will get some more information on who the lender is tomorrow and more details and what has been done so far.

I was contacted by a home owner who is getting close to foreclosure and asked if I could help.

He had it listed with an agent who submitted all the short sale information a long time ago. Basically the agent gave up and it sounds like he has not heard from the agent in over 6 months. Now it sounds like it's getting down to the wire.

At this point what type of cooperation can I expect from the lender? Will I have to start from scratch or will the existing short sale packet be available to me. I can bring a new agent to the table and hire a negotiator if I need to.

Any insight on this is very much appreciated.

Most likely you will have to cancel your offer and start all over.

I would not move forward with the offer you have if you did not figure in enough for the repairs needed.

Yes, I agree finding your own leads sounds like the best way. I am still working on getting things set-up to be able to do my own short sales and will like to get a negotiator like Scott to handle that aspect of it.

In the mean time I do have 2 other short sale offers from the MLS that I hope I can close on.

Well the listing agent would not even accept/submit my counter offer. She said the bank would not accept any less than their counter offer.

I feel bad for the homeowner. I am the 3rd buyer in over a year to walk from the property.

I mostly bid on REO's. I go in with numbers that work for me. I look at my costs and how much I want to make and most of the time I put in my best offer right of the bat.

If there is a property that I am not too interested in, then I will throw in a low-ball offer to make it worthwhile to me. However, never been able to get one of those yet.