Fannie Mae is KILLING me!!! Seems that in light of their overspending being uncovered, they're attempting to collect the "lost" money, but ruining short sales currently in progress. I have THREE files that have all been declined this week due to requested concessions - property taxes, hoas, buyer's closing costs, etc. . .all were appealed for Fannie. . .one only needed property taxes. . .apparently the buyers are now supposed to pay taxes on properties that they didn't own when the taxes were incurred. I was told that "the fees are not usual and customary". . WTF? Who determines that? Thirteen years in real estate, 500 transactions, over 75 short sales and NEVER have I seen a buyer pay the property taxes for prior owner. Ridiculous!!
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My conversion % was at least 90% until Fannie Mae stepped in. Now if I'm at 30% (on their Investor files) I'm happy. They simply do not want to participate in short sales. They want to take back ownership of the properties and rent or re-sell through their Homepath program. It seem like all I do, all day, is tell Agents that Fannie Mae is requiring $20-$30k over the current FMV offer or they will foreclose..I'm in FL btw.