WHOA this is the craziest I have EVER seen it...March 2014 FNMA countered our APPRAISED offer of $165k ..they decided they now wanted $200k (from their last request of $230k in January) we finally upped our offer to $200k but by then current file in Equator was closed ..so started all over again on 6/1. I of course had all the docs loaded ON TIME and now we are hit with the following message quoted directly from Equator. "FNMA requires all properties be actively listed for a minimum of 5 business days plus one full weekend. Once the property meets this requirement please send an updated MLS sheet to confirm. Thanks,"
WHAT!!! I was hoping the next message would be the approval letter?!?!?
Was the offer written up and dated prior to 5 business days and a weekend on the MLS? If so FNMA may flag the buyer and not let them purchase the property.
Since the file was closed out of equator the file will have to be pushed back through all of the procesisng and negotiators tasks in equator. I'd also be researching to see if the FNMA value has expired or when it is set to expire.
If you have any questions or need anything at all don't hesitate to reach out to me.
File #1 same situation. The agent had to put the property in active status in the MLS and re-submit the new MLS sheet showing that it was active for the 5 days including a weekend. Then, they had us re-submit the offer. Wasted another week, but did happen.
File #2 same situation. This time, they told us to have the agent submit a re-written contract with a later date.
Hang in there and best of luck! : )
THANK YOU...I FINALLY got the approval..just a week after releasing it from active??? HOWEVER, FNMA/Nationstar are not paying HAFA or the $6k HOA fees (which I already tried to negotiate down with the atty to no avail...the atty countered with "we should raise our fees to account for the amount of time you have wasted talking to you") I am supposed to be meeting a task deadline on Equator today by filling in the closing info...instead I told the negotiator that we need to resolve the HOA and HAFA...neither buyer nor seller is budging...and this buyer is the only one foolish enough to spend $35k over appraised value of $165k on a house that needs about $125k in repairs and will probably net him $15k???
FNMA does participate in a HAFA II / SHORT SALE / DEED IN LIEU program. Freddie does not.
As far as condo dues those are not covered starting August this year by FNMA.
Nationstar said that since the seller had already moved he forfeited his HAFA relocation money!?!?!? I am still fighting it...the seller had to move because it took NINE months for FNMA and Nationstar to get this done and in the meantime the house was flooding from pipes leaking under the foundation...REAL BAD MOLD WAS PRESENT!! oh and did I mention that the roof leaked and we are in South Florida where we get torrential downpours on a weekly basis!!!
I started the short sale file in Oct, 2013 seller moved out in January 2014...re: finances. he doesn't have two cents to rub together! re: making a claim on home owners..the property has forced placed insurance ...meaning that the bank pays for it and the bank will get any proceeds from a claim!!
Guess what guys? Perseverance pays off!! I told Nationstar and FNMA that the seller has no incentive to sign the closing papers if he is not going to get the relo money promised him back in March! and walla! they agreed to pay! (took 2 weeks). Of course we had the HOA breathing down our necks with a pending foreclosure date..I told Nationstar/FNMA that if we didn't resolve/close SOON then the HOA would own the house and we would all lose!
Wayne, re the original HUD..yes everything was on it and Nationstar/FNMA is only paying the last years HOA dues..not the $7000.00 legal fees and $2000.00 late fees with interest!! the back HOA is only $3000.00!! Attys are really making out on this one!! Luckily for everyone involved, the buyer has agreed to pick up the difference.
And Brian, re contacting the HOA board or attending a meeting..I was treated like a criminal...quotes, "How DARE you attempt to circumvent the process, that is what we have attorneys for!"