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The listing agent should know the procedure and disclose it to potential buyers, and agents, when the offer is presented as that is a stipulation for listing Fannie properties. Normally this procedure is completed before the property goes onto the market but once in a blue moon it has not been completed so the sale drags out for way to long. The time frame for the review can take up to 8 weeks. If the lender didn't they owe Fannie the difference from the sales price of the property to the original loan amount. The odds are slim that you will get caught up in their Qc department, better odds with the lottery, but it does happen and actually Fannie is usually very easy to work with.įannie has a procedure in place to overlook the loan they are holding and to make sure the originating lender followed the proper procedures to qualify the loan for Fannies purchase. I list Fannie properties and it appears you have been caught up in a situation that happens very infrequently. Anybody with answers about liabiilty this procedure puts on both agents particularly welcomed: how can you list a property for sale if you can't sign offer acceptance and if it has not yet been determined acceptable to do so? It sounds like a big issue to me. If you haven't encountered this, thought I'd put out the word.

This is my first Fannie Mae deal and I have not encountered these issues on other properties. Is this commonplace with Fannie Mae stuff and foreclosed properties. I am frustrated and concerned about the legality of the listing and the exposure it puts on the listing agents of this property. Why list it if it is not all settled? About my deal: cash buyer, offered a little above asking price due to competing offer, ready to close as soon as they get word - couldn't be a cleaner deal. There is an asset manager working on it and he says the docs were selected for quality control audit: to determine if everything was okay and if Fannie Mae was allowed to have the loan. My understanding is that when you list something, you must have authority to sell it. That was almost a month ago and they still have not sent the docs to escrow or signed them.

We submitted an offer on behalf of my client and they (Fannie Mae or asset manager) sent back their own paperwork for us to fill out, requesting deposit of earnest money, and giving verbal approval.

The listing was put on MLS showing Fannie Mae as the owner by another office. I have a Fannie Mae owned foreclosure property in escrow (well, sort of - read on). I recently came across an interesting situation that I would like to share and gets comments on.