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HomePath home, Fannie Mae still hasn't opened escrow after 4 weeks after accepting fofer

I was hoping someone with experience in this could possibly offer advice. I had an offer accepted for a HomePath Fannie Mae REO home about 4 weeks ago but they still have not opened escrow. I signed their addendum but that is where it stands, as they have not returned a signed copy yet. Meanwhile, I have completed everything for my loan, as well as inspections, so am ready to close, but they are delaying it. My agent has been in touch with their agent, mainly via email, and the Fannie Mae agent's response is that he is, "waiting on the papers", and he keeps blaming the slowness on their end on their supposed new computer system.

I'm starting to get rather frustrated, what would be the proper course of action in this situation?
  • August 12 2013 - Sacramento
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Answers (6)

Profile picture for scott851
I have represented a number of buyers on these REO transactions. It typically does not take that long to get things moving.  It would be wise to have your agent contact the listing agent for details on the delay and how long the process is expected to take.  At times, there is an Asset Manager that is handling the property for Fannie Mae and some Asset Management companies are more responsive than others.
  • October 22 2013
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Fannie Mae has reputation for taking longer than expected.  I'm sure waiting it out will be worth it on the long run.
  • October 21 2013
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Profile picture for user37350664
Thanks for your response, much appreciated. Is there any way to get an idea of how long these delays are taking? Basically, if its going to be another three months, I can't wait that long and need to kill the deal, as I am in a temporary living situation. If its only a month, that may be bearable. If you push them will they provide any info or its just hopeless to even try?
  • August 12 2013
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  • August 12 2013
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We can't really advise you on the proper course of action because we're not allowed to interfere in another agent's transaction. Agency relationships determine our reach, and since you're under contract to another agent, we can't really tell you what we think you should do; I'm sorry.

We can say that Fannie Mae makes mistakes and Fannie Mae has its share of difficulties, new systems and procedures, political pressure to shut it down and all sorts of other things, and my heart goes out to buyers who are stuck waiting and waiting and waiting, like they are disposable as an empty can of Pepsi.
  • August 12 2013
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Fannie Mae recently changed their online system. All Fannie Mae transactions are being delayed. I wouldn't worry that it won't happen, you just need to be really patient. And, possibly talk to your lender about your rate lock extension options if that becomes necessary.
  • August 12 2013
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