Profile picture for user502383

Fannie Mae Home Path mess

We're attempting to purchase a Fannie Mae HomePath home in NJ. We placed on offer on the property on 5/21, for 283K, it was listed at 305K. On 5/23 our realtor called to say that Fannie Mae had countered at 300K and advised us to counter back at 288. Time went by and we didn't hear anything, so we talked to our realtor who advised us to accept the 300k. We did that on 5/25/12 and didn't hear anything until a contract was sent to us on 6/5/12. They said that we had to wait so long bc they wanted to confirm that work had been completed on the property following a leaky pipe that caused damage. We were assured that the work had been done and we signed the contract, our realtor set up an inspection, and the bank ordered an appraisal (VA).

The inspection was supposed to be today, but our realtor was just advised from the selling agent that the work had NOT been completed on the property, and the utilities are not on.

The property is still listed as active on the MLS, when asked about it the selling agent said that they want to collect "back up offers" however I see clearly on the Fannie Mae webpage for listing agents that following the acceptance of an offer the agent is supposed to list the property as pending. And I know when the property was under contract previously (that deal fell through) the home was changed to pending status.

  • June 14 2012 - US
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Answers (7)

Profile picture for gator70
Fannie Mae wants a bidding war, and they encourage it. They will take any step they can to start this. Until they have signed the contract, the property is still for sale. This is normal with Homepath.
  • February 09 2014
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Profile picture for mica0
Hello anyone who is trying to purchase a Home path prop. It's a nightmare going thru the procedure.
They will stall, stall, stall & blow right thru their own deadlines. Ended up getting a much higher interest rate from bank we financed thru due to their complacency. They are difficult to get a hold of, set deadlines and then don't meet them. They don't really seem to be too interested in selling the homes. Typical govt. employees. Not much incentive for good customer service. On phone you might as well be talking to a robot. If they don't meet their deadlines you get penalized.
  • February 08 2014
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 I have run into similiar issues with buyers I have brought and find it frustrating and even questioable how things are done
  • October 09 2013
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Your Realtor needs to be involved and make sure those utilities get turned on so the work can get completed.  Your Realtor needs to make sure all tasks are completed and call daily to see what the status is.  Their is a certain exact way that the listing Realtor has to complete the repairs according to homepath,  It usually takes longer then normal to close depending on the repairs necessary.  Also sometimes, if the contractors are busy they may not be able to get a homepath certified contractor out to bid on the job in a timely manner.  also after the bid homepath has to approve the bid.  Then the work has to be scheduled with the utility company.  Good luck 
  • January 08 2013
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HomePath is acting like it is an auction, they are waiting for higher offer and not respcting contract. they have asset mngrs working this way for their bonus. i also had similar situation with them, they force to obey their
rules when are not. shame they represent FM. a legal action will put them
in right place.
  • January 07 2013
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Profile picture for Ofe Polack
First of all you are working with a buyer agent, who is the person who uploads the offers on www.Homepath.com secondly, it is my experience, and I am going through a HomePath sale right now, that they move rather quickly.  Between the listing agent and your buyer agent, they need to get the work done asap.   Regarding the Home Inspection, the listing agent needs to get the utilities going for that to take place, but if there was a plumbing issue, I am sure they have winterized the house and until the plumbing issue is corrected they cannot turn the utilities on.  I do not want to dismiss your issues, but this is what happens with discounted properties, there is a price to pay, one way or the other.  Hang in there, in a few days you will be enjoy your bargain home!!!  Good luck!!
  • June 14 2012
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Profile picture for user502383
Is there anyone that we could complain to at fannie Mae about the fact that 1) we were lied to by the selling agent who said that we were waiting on a contract to ensure that the work was done (we have a contract works not done) 2) The listing agent didn't know that the utilities weren't on 3) I strongly suspect that our counter offer was never delivered to Fannie Mae, due to the amount of time that went by from our initial offer to counter (1 day), and then counter (over a week went by) until we simply accepted the initial counter. 4) The fact that the property is still listed actively on the MLS, although its been under contract since at least June 6. Zillow, Trulia, Realtor.com, etc. show the property as unavailable.
We're currently in temporary housing as this home purchase is due to relocating for my husband's new job. We have to be out of here by June 29th, which is the day we were supposed to close on the property, however obviously as its 6/14/12 and we have no inspection, no appraisal date, etc. that's not likely to happen. Thanks for any advice that you might have!
  • June 14 2012
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