Replies to post #7602 on Fannie Mae-No Politics (FNMA)

[rekcusdo]

Sounds to me like Fannie Mae has a set order of criteria that they follow to close a sale and you wanted it done your way instead. And when you had a problem doing it the way they usually do it, you complained.

Not evidence of criminal activity...only stubborness.

[Dallas66]

geez...looks like you got right in the middle of a bunch of crooks. I recently ( dec. 09) purchased my 3rd property and my only issue was the cost of the title search. After much discussion we did reach a satisfactory price, but also like you, they did make an attempt to charge me for various items that I wasn't required to pay for. Once I pointed those items out, their was no hesitation to remove them from my cost basis....but the attempt was there. I will also add these were not FNM/FRE related people...the lender, broker, attorney, and I believe the appraiser may well have been in the same pocket.

What I saw was an attempt to make a few extra bucks by them, and hoping I wouldn't notice...or know...what I was and was not required to pay for. To me, it was more a localized passive attempt to pick up a few hundred extra $$ and not a reflection of FNM/FRE peeps that may or may not have had to sign off on the final set of papers.

However, I do see your point in that many people in close proximity to them may very well be working together to make that few extra dollars without setting off the alarms with a blatantly fraudulent appraisal or loan. I'm not very familiar with first Preston, but I do know who they are. I've talked to several people that bought property through them in the past, but that was years before the crash, so I really have no basis for comparison. I certainly will however, ensure I never utilize their services in the future...lol.

I would be most interested to read your ebook once completed. TIA for the info.

[Jon Barucca]

KELLYCO,

Attorneys are used to close transactions for many reasons. One reason is that they are able to accumulate all the money and all the paperwork and hold the pieces as they come in. They hold all the money in an escrow account and once all the paperwork is complete they disburse the funds as the contract calls for.

From your post "On October 16 I closed my end of the contract with final payment along with Waiver of Condition document
and Proration Worksheet sent to Disposition Center."

Just because you paid your money doesn't mean that all the terms of the contract have been fulfilled, and it certainly doesn't mean that Fannie has your money. Fannie has certain forms and requirements that are a part of their contract. If you didn't like the terms and conditions then you shouldn't have signed the papers. They will not give you a deed until you meet all the terms and conditions, and if the time has passed without you meeting the terms and conditions then you are at fault, not them. If you used an attorney to close the transaction, and you still don't have your deed, the attorney should still have your money in escrow. If you have met ALL the terms of the contract, you may have a case, but Fannie has no obligation to close a deal when the terms and conditions have not been met. If they are not responding to you it's probably because they've already told you once what you need to do. They do a lot of deals and don't care to repeat themselves.

If you have met all of the conditions of the contract and they are not giving you the deed then you can sue them for specific performance or for any losses or maybe for both.

So far as the bribery and other malice you speak of; If they disclose what they are doing upfront then it's all legal. If they use agents for everything then those agents are paid a commission, which is MUCH cheaper that keeping salaried employees. They are allowed to pay people to do things for them, and they are allowed to have whatever method of operation that they choose.

If you don't like the way they do deals, then don't do deals with them.

I've seen their 27 bazillion pages worth forms for their deals and it's enough to turn anyone off. It's B.S. and unnecessary, but it's their ballgame and if you want to play, you have to play by their rules. I choose not to play on their field because of the stupid rules, but the rules are legit.

Good luck with your ebook. You should think about getting your real estate license before you write your book so you have a better understanding of the rules. Maybe also brush up on contract law.