Replies to post #7725 on Fannie Mae-No Politics (FNMA)

[Jon Barucca]

I have been to many real estate closings. Every single dollar that has changed hands has been deposited in the attorneys escrow account and disbursed from there. Whether it was a cash deal or a financed deal has made no difference. The money goes in to the attorney's escrow account, all the money, and is disbursed from there. There has not been a single instance that a check has been written (certified or otherwise) from buyer to seller. Never. Not a single time. I have bought and sold a lot of real estate ranging from tens of thousands to millions of dollars and what I'm telling you is fact. There are tax prorations, recording fees, all kinds of things that are more easily sorted out by the closing attorney.

I'm not arguing whether or not you are in breach of contract. I'll take your word for it that you are not in breach and that FNM owes you a deed. Getting that deed though is a whole 'nother story.

If you deposited the purchase money with the attorney, and he (or she) put it in his (or her) escrow account (which is usually a trust account) and he (or she) sent out your money to FNM without giving you a deed, then you would be able to go to the attorney and say "where's my deed?". It's the attorney's duty to handle that, whether he's working for you or FNM. Instead, now you have to go to FNM, which is surely a nightmare since you're not in the loop and probably can't even get to the right person. I would bet that where FNM is concerned that the right hand doesn't know what the left hand is doing. The person that signs the deeds probably doesn't even know you've paid for the property and had a closing.

I'm not trying to bust your balls (just a saying, I know you don't have balls if you're a female), and I'm not trying to say that FNM is God's gift to real estate. But for you to say that FNM is a bunch of crooks and swindlers is way off base, especially when you admittedly decided to throw a wrench in their modus operandi.

FNM is obviously on the ropes, but not because they are crooked. It's because they are an insurance company with way too many claims and did not charge enough for the policies.