user761624's Advice

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user761624 wrote:

Fannie Mae Title Issues
Hello,My wife and I are currently in a contract with a Fannie Mae property for about 3 months. The home is in great condition and only a few years old. The issue is that they have already extended the closing date twice. Their agent says that they are waiting on the sheriff's deed to be recorded. We finally decided to call our title company and they called the seller's realtor. The title company was told that they submitted the deed only 1 month ago and is now waiting. We then called the Philadelphia's dept of records and they told us they have not received anything yet!We are now completely confused on where the whole process is at. Our realtor does not seem to know anything and doesn't want to keep bugging the other realtor (Honestly I would change realtors if I could).Is there a way to call Fannie Mae directly and discuss this with who ever is handling the house? Even some clarification on how the process of recording the deed works would be helpful...We really want this house and time is running out on our lease.UPDATE: We called the realtor straight up and now we were told that they are waiting on the sheriff deed... I thought it was supposed to be issued after the auction?Thanks all
October 10 2012
(0)
Any issues with changing lenders after contract signed
I am currently buying a FM property. I initially went with a broker provided by my realtor. Now we are about 4 weeks before closing and I have found a much better rate with a bigger bank and lower closing costs. The new lender will still close on time and there should be delays on our part. Also, it looks like FM is going to extend the closing date themselves soon...Of course, my realtor and the broker are not happy. My realtor informs me that I need to let FM know that I changed lenders. Is this true? Are their any possible issues with changing lenders that would cause FM to cancel the contract? 
October 04 2012
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Low appraisal help
Hello,We just finished an appraisal of a house in Philadelphia. Unfortunately for us, it came back much lower than expected.  Now, we are in the process trying to come up with things the appraiser might have not factored into his adjustments. In his adjustments, he factored in that our house was much closer to the highway and adjusted 10k off the comparable sales.  However, we feel that this is a bit too much and that he also missed some important things that add value to our home. 1 - Our driveway fits 2 cars compared to the comparable sales2 - We are a corner house (in Philadelphia this is usually more valued)3 - Some of the comparable sales are bordering the older housing which makes then closer to the higher crime areas than our home4 - New carpeting was put on Do you think we could convince the appraiser to adjust his report? If so, what would be the best way to approach. Also, is it normal to knock off 10,000 just for a busy road? Any advices would bemuch appreciated. Thanks!
September 13 2012
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Fannie Mae REO - Slow and Title issues...
We are in the process of purchasing a Fannie Mae home in great condition. We made an offer  and our offer was accepted. We got their Addendums about  10 days later and it was returned right away (under 24 hrs). That was about 1 month ago… To date, the only response we have received from them is to extend the closing date (from Sept 9 to Sept 24). We have been waiting on their signatures for over 1 month ( 2 weeks since they extended the closing date). We can't proceed with the mortgage or anything until they officially sign their parts.Even more confusing, we had our own title company work done and it came back that the title is still under the old owner's name instead of the banks.Can someone explain if this is normal? I am worried their will extend the closing date again since out lease expires at the end of September.My agent has been in constant contact with the listing agent, but the only response is that the listing agent is waiting too. 
August 20 2012
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HomePath Property Help - Slow and unhelpful listing agent
Me and my wife are in the process of purchasing a great HomePath home. We made an offer(with our buying agent) a few days after the listing came out. Within 5 days, the listing agent told us that the bank accepted our offer and will be sending over additional papers to sign. The papers (addendum) didn't come in until over a week later.It came in on a Sunday afternoon and agent told us we had to have all of it signed and notarized by tomorrow, less than 24 hours! We scrambled and got everything in. Another week passes by and nothing. Our agent calls the listing agent, she says she has nothing back yet and sent it on Thursday even though we dropped it off on Monday. Now its been around 12 days since we signed the addendums and still nothing. My wife and I are getting very anxious and worried. The closing date (as per their addendum) is just under 30 days away. Even my agent is getting a bit frustrated with the lack of response.What can we do? 
August 10 2012
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