Fannie Mae incentives out of reach in real estate sales
Letter to the Editor
By Inman News, Monday, January 10, 2011.Re: 'Fannie Mae incentives drive REO sales' (Jan. 7)
Dear Editor:
I thought it may interest you to know the dark side of the story. Fannie Mae marketed properties with a selling bonus to close by Dec. 31 that were impossible to close due to a federal tax lien, title issues, etc.
Ironically, I had two properties set to close on approximately Dec. 18, with a bonus on each. One had a federal tax lien that expired on Jan. 5 (NOT disclosed). Another that had title issues that cleared Jan. 6 (again, not disclosed).
Both were not the fault of the buyer or selling agent. But Fannie Mae would not honor the bonus. I'm sick about it. Fannie Mae marketed the bait, hooked us, and there was absolutely no way I could close the properties on Dec. 31 until Fannie Mae cleared them.
My buyers and myself had no clue (about the potential delays) until we scheduled to close. I have heard several agents (with similar circumstances). I'm expecting a class-action lawsuit. I will not stop until I'm compensated.
Tami Weeks
Re/Max Realty Group
Cartersville, Ga.
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Submitted by TJ Harris on January 10, 2011 - 3:49pm.
This is really good to know. Have not had one of these deals myself, have certainly seen this scenario on many listings. Thanks for sharing, guess its AGENT and BUYER BEWARE of these types of deals. Its horrid that they get away with these tactics.