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Replies (9)
- FriendshipProperties
- Contributions:783
Do you have a link to the news release?
- BMFPitt
- Contributions:1207
And I'm unhappy about being an involuntary shareholder in Fannie Mae.
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
Fannie lists ALL of their REO's through Homepath.com... when I check, there are very few listings in comparison to the foreclosures of the area. For example: There are almost 400 foreclosures in my town, and only 3 are fannie mae. Plus, fannie mae foreclosures are mostly condos, which there aren't many condos in my town. Either fannie mae is not holding many sfr's, or they aren't foreclosing on the sfr's.
On the other hand, it makes sense to not foreclose. If the home is losing 10K per month, and the buyer is not paying 2500/mo, fannie mae shows LESS LOSS on their books by not foreclosing.
I wonder if this is why the CEO's didn't take stocks for their bonuses?
On the other hand, it makes sense to not foreclose. If the home is losing 10K per month, and the buyer is not paying 2500/mo, fannie mae shows LESS LOSS on their books by not foreclosing.
I wonder if this is why the CEO's didn't take stocks for their bonuses?
- Hamp Yonce, "Zilluminati"
- Contributions:3463
The institution servicing the defaulted loan has to sell the properties. Fannie Mae does little servicing. Their changes are irrelevant in this regard. The Op's thread is off brand spam substitute.
Homepath is a joke!
Homepath is a joke!
- MelanieScalera
- Contributions:7
Fannie Mae is shady---do NOT do business with...you will regret it when they sell the house you want to someone else!
Be sure to sign this petition [hotlink removed by Zillow moderator]
Be sure to sign this petition [hotlink removed by Zillow moderator]
- Sharon Lewis, "Sharon Lewis"
- Contributions:3916
@Melanie, where do you get your information from regarding this statement?
- sunnyview
- Contributions:25127
If you don't like the paper bidding process, then you can choose to attend an open auction. Real estate is not a first come first served proposition.
Any seller including Fannie Mae will try to get the most that they can for their property with the fewest entanglements. Did you have a specific issue that happened to you while bidding on a Fannie Mae home?
Any seller including Fannie Mae will try to get the most that they can for their property with the fewest entanglements. Did you have a specific issue that happened to you while bidding on a Fannie Mae home?
- MelanieScalera
- Contributions:7
@Sharon-it happened to me.
@Sunny-This property did not go to an auction. I tried to get the home before it went into foreclosure, but they foreclosed too soon. They refused to sell it after that, and put it on the market saying it had to be sold that way. I understand they want to get the most for that-that definitely makes sense; but why do it without telling you someone else is bidding against you, etc. Maybe I would have paid more than them had I known.
@Sunny-This property did not go to an auction. I tried to get the home before it went into foreclosure, but they foreclosed too soon. They refused to sell it after that, and put it on the market saying it had to be sold that way. I understand they want to get the most for that-that definitely makes sense; but why do it without telling you someone else is bidding against you, etc. Maybe I would have paid more than them had I known.
Fannie Mae is unhappy about the mounting thousands of REO
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- 5.0/5.0
- (3 reviews)
Contributions:46A new policy was annouced stating Fannie Mae will now accept offers on a REO immediately after it is listed, without notifying lenders or mortgage servicers whose loan files are under review. Under the original policy, there was a fifteen-day time-out, which slowed down the works, and sometimes even kept properties out of reach of ready & willing buyers. As a result, Fannie Mae's portfolio of unsold repossessed homes has been quite large lately.
"Fannie's response to this REO bloat? Sell off the houses faster by accepting purchase offers through its network of real estate listing agents earlier. In the company's memo to lenders and servicers, it basically said this: We're now going to market houses as soon as they come in the door and we've established a current value."
So, to sum it all up, as soon as Fannie lists an REO property, it will be in play for home buyers.
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