Comments on: Is Fannie Mae Turning Down Reasonable Bids For Foreclosed Property? (UPDATED+BUMPED)

By: Dana Tebbs

Dana Tebbs — Wed, 26 May 2010 00:08:59 +0000

Just another “things going from bad to worse update.” Strange to think I posted this almost a year and a half ago- and things are STILL getting worse!
How do these crappie brokers keep working the system and stealing OUR tax payer money? Not only are these thieving, far too well connected brokers STILL conning a lazy and mismanaged Freddie and Fannie out of untold millions by turning in over inflated receipts for over inflated repairs and improvements that NEVER get done… what with the political gluttony taking place by a few handful of “chosen” Fannie and Freddie brokers… who in a frenzied REPO resale market… coupled with a few good political connections (drunken DRE parties and back door lobbying included) and a near flat new homes market with barely any new home building taking place…
These same unscrupulous brokers (as I wrote about nearly a year and a half ago) are STILL making SURE that ANY outside buyers working with outside real estate offices and brokers have NO real chance at purchasing one of their Freddie and Fannie listings!
It’s called “double ending the deal.”
If today’s REO homebuyer wants even half a REAL chance at getting an offer looked at and accepted by Freddie or Fannie- better work with the crummy, thieving listing agent! (Or one of their not too well trained “buyers agent” AKA far too young, spoiled rotten son or daughter- barely out of high school- extended family members!)

By: dan love

dan love — Mon, 09 Nov 2009 05:24:50 +0000

two weeks ago I bid on a fannie mae foreclosure. it’s only a few years old. there is still new construction in the subdivision. the house is listed for 179,000. of course, it’s being sold “as is, no warranty, no disclosure” the microwave/vent is smashed. there is a 4′ hole in the ceiling where it looks like someone fell through. there are also brown spots on the ceiling in the dining room where there is probably a roof or water heater leak. it’s in pretty good condition for a foreclosure. I bid 93% of list and was just rejected. the problem is there are brand new houses on the next street for 184,000. it would take a complete idiot to pay within 5k of a new house to get “as is. maybe it works”. if their execs were depending on their own money, they would be moving these properties.

By: Barbara Todd

Barbara Todd — Fri, 16 Oct 2009 20:59:37 +0000

10/16/09
Since I read these comments about Fannie Mae, I am wondering about discremination from Fannie Mae also. A house that I have been watching for a year went through the foreclosure process and ended up with Fannie Mae This was not a cheap house. I offered, full price – cash – no contingencies – close in 15 days – and sent in prove of funds. They sent me a multible offer notifcation requesting a counter bid due to multible offers. I was to say the least shocked. I wonder how many people are offering full price, cash with no contingencies? Are they discreminating against me because I can afford the house and they want a minority or to finance the house. They were offering financing to buyers with 3% down ( that was in their comments on the listing sheet). Any thoughts on this will be appreciated. I did not counter. Don’t see yet that the house is in contract or sold.

By: Ralph Greene

Ralph Greene — Mon, 14 Sep 2009 01:46:04 +0000

In reading these and other blogs it appears that Fannie Mae is similar to ACORN, and other government agencies. Maybe we can get O’Reilly and Glenn Beck on it. Good luck.

By: jim

jim — Thu, 09 Jul 2009 14:06:06 +0000

This is very interesting. Here is my long story I will try to make short. My wife and I found a house we loved. We got a contract on it with the owner for a short sale. The owner is now a single mom of 4 – dad left and did a quit claim deed to her. After 2 months of working with a good attorney and with the banks it turns out that Fannie declined the settlement (94 cents on the dollar). I quickly upped my bid to over the appraised value. Now Fannie will get 97 cents on the dollar. They agreed to look at the offer again. If they decline it will go to foreclosure later in the month. All involved are going crazy as to why they would decline this offer in a declining economy. Maybe I will have to contact our congressman like what was done above. Any insight is appreciated.

By: Dana Tebbs

Dana Tebbs — Fri, 12 Jun 2009 02:36:31 +0000

You think that’s bad? You should SEE the sorts of brokers who are getting Freddie Mac listings! The broker I worked with literally worked the bank, getting money from them on properties that she never repaired or improved. (Even though the broker turned in invoices to Freddie Mac- asking for repairs etc. The work was approved, and paid for by Freddie Mac, but never done.)
As a vendor who personally worked for this broker, I saw it all. The woman who runs her real estate office is a convicted felon who just changed her name to go under the radar. I reported her to Freddie Mac, for non-payment to vendors, even AFTER she was reimbursed by the bank. By the time I reported her, she owed me over $10,000.
All she got from Freddie was a little slap on the wrist! She was placed on suspension from getting new Freddie Mac listings for ONLY a period of 2-3 months. As well, she immediately fired me and my repo cleaning company for reporting her to Freddie Mac.
Today, this same low down, scum bag, thieving, lying broker- is back to doing the SAME thing! She is receiving MORE Freddie Mac listings and according to other employees, whom she also recently fired for reporting her to the DRE, she is back in action- still NOT paying her vendors and living off of Freddie Macs money to float her failing brokerage. Regardless of the facts, she is still getting even MORE listings from Freddie Mac!
Only now, as told to me from another fired employee from her office, to protect herself from further action and from having Freddie Mac find out what she is doing again… she is supposedly hiring illegal aliens to clean and trash out her listings! AND she is turning in inflated invoices through unlicensed and dummy companies, hoarding Freddie Macs money, while paying the people who actually DO the services on the properties- mere peanuts. She is making a bundle and STILL NOT paying vendors for their services! What can they do to get paid? Nothing, as they are unlicensed, illegal aliens and can only pray this thief will pay up.
The newly fired employees told me horror stories of the illegals coming into this rotten broker’s real estate office on almost a daily basis, asking if the bank had paid for the work yet and begging for money to make rent payments and feed their hungry families. It is sick. It is a total racket. And worse? Freddie Mac just doesn’t seem to care.

By: Michele

Michele — Sat, 09 May 2009 00:28:41 +0000

Yes is the answer — before I even read the story.

My story. I’m a lawyer, pro bono case. Clients live in home — think they are buying contract for deed. Owner loses home in foreclosure. Fannie Mae tells clients to get out (but can’t evict b/c they weren’t part of foreclosure)

Clients make an offer to buy the home from Fannie Mae after foreclosure. Home is in a horrible crime-ridden neighborhood. Offer – consulting with Fannie Mae’s realtor: $35,000, $500 earnest money in realtor’s hands. Clients have pre-approval letter for more than offer from a local bank; plus they have a grant for 20% down payment from City.

Fannie Mae rejects offer. LOWERS the purchase price, but wants $2,000 earnest money. They want 6% earnest money, in cash, from people who live in the house and have the financing ready to go. People who are buying a $35k house don’t usually have $1500 extra cash laying around.

Fannie Mae won’t budge; starts threatening clients with eviction. Won’t talk to me–won’t listen to their own realtor. I contact our Congressman (Aaron Schock). Fed gov’t bailout; Fannie Mae is being ridiculous; will you help? His office does — FM suddenly agrees to accept original offer. Clients get to stay in the home that they love.

Don’t even get me talking about the bullshit contract addendum Fannie Mae makes buyers sign.

End result: Fannie Mae sux; Aaron Schock gets a thumbs up. And we’re paying for all of it.

By: Franklin

Franklin — Fri, 08 May 2009 14:32:07 +0000

The reason that Fannie Mae does these types of things is because they aren’t really interested in selling these distressed properties. Fannie Mae is as crook as the banks that talked customers into these arm type home loans that has ruined our economy. Their is no sound business practices at Fannie, why, they are really a socialized organization owned, controlled by the govt with no concern for the masses or their struggles.