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Old 03-30-2013, 09:12 AM
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Default You know what really grinds my gears? (Fannie May)

A few months ago I found a quad for sale and decided to make an offer. The realtor told me it was a Fannie Mae property and before I could make an offer I would have to give non-investors (owner occupants) what is called a “first look”. First Look is the government’s term for giving people who would be owner occupants a 14-day period of time in which only they can purchase the property. It doesn’t matter if an investor has cash money and can close that very same day; he has to give a 14 day first option to the potential owner occupant. This gripes me a couple of reasons. 1) Fannie Mae owes the people of the USA billions in bailout money and they should be moving this property as quickly as possible and 2) an owner occupant can’t even live in a quad so what the hell is our government thinking?

I passed on the property, bitched about it on a thread here on FF, and then forgot about it. A couple of months later the realtor called me and said the quad had been drastically reduced (because nobody had made any offers) and asked me if I was still interested? I wasn’t. But I had to laugh to myself on how F/U the government is. They lost a cash sale because they didn’t move promptly, and now not only were they still looking for a buyer, they were lowering the price.

Even more frustrating is 6 weeks ago myself and another bidder had made offers on a nice property on the golf course, and Fanny Mae had moved to what they call a “Best Offer” position. We both made our best offers and I was feeling pretty good about it. The next day I found that even though I was the higher bid, Fanny Mae was going to award the sale to the competing bid because he was going to be an owner occupant. I was pissed, but it-is-what-it-is and no sense in losing sleep over it, right?

So a couple of weeks later my realtor called back and told me the “owner occupant” offer failed to qualify and the property was going back on the market at $108K. Great! Not wanting to take any chances of being outbid, I submitted an offer of $114K. I should have been a shoe-in.
A few days later I learned that once again Fanny Mae had turned down my cash offer and awarded the property to an “owner occupant” offer of $108K. $6,000.00 less than my offer? WTF?

Total insanity, right? It gets better! On Thursday my realtor one again called and it turns out that this owner occupant has also failed to qualify and the property is once again being put back on the market! I made an offer, this time at $108K and I’m waiting to find out if Fanny May is going to accept my bid.

I’m completely fed up. Twice before I have been high bidder on this property and twice before Fanny May has awarded the property to a person who can’t even qualify. This fucked up federal entity owes us billions and they conduct business in this manner? How does one explain this nonsense unless possibly the head of GM’s Chevy Volt program is also the head of Fanny Mae?

This is my 3rd attempt to by this property but I expect the odds are better that Ben Carson will be invited to dinner at the White House. But even if I do win, this property will have remained a taxpayer liability for months longer than it should have and will sell for thousands less than it could have.

No wonder we’re is such debt. Sequester anyone?
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Old 03-30-2013, 09:20 AM
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Default Re: You know what really grinds my gears? (Fanny May)

Bad shifting ................. oops forgot to read the thread ........ :)

I'd be offering less and changing realtors!
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Old 03-30-2013, 09:23 AM
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Default Re: You know what really grinds my gears? (Fannie May)

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Originally Posted by Big Dog View Post
Bad shifting ................. oops forgot to read the thread ........ :)

I'd be offering less and changing realtors!
Shifting has nothing to do with it, it's an automatic.

Bidding is done through an "online system" and you have to have a realtor do it on your behalf. My choice of realtors has no effect on the outcome he (or she) is just doing what I tell them. Fanny May makes the decisions and they make no effort to hid that they are biased toward owner occupancy.
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Old 03-30-2013, 09:23 AM
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Default Re: You know what really grinds my gears? (Fanny May)

Sounds frustrating. Please edumacate a non american if you will. What is "Fanny Mae?" Never heard of it till this forum.
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Old 03-30-2013, 09:36 AM
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Default Re: You know what really grinds my gears? (Fannie May)

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Originally Posted by groomerguyNWO View Post
Sounds frustrating. Please edumacate a non american if you will. What is "Fanny Mae?" Never heard of it till this forum.
Fannie May, per Wikipedia.
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Old 03-30-2013, 10:05 AM
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Default Re: You know what really grinds my gears? (Fanny May)

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Originally Posted by groomerguyNWO View Post
Sounds frustrating. Please edumacate a non american if you will. What is "Fanny Mae?" Never heard of it till this forum.
You are not alone GG. I had not heard of them until the banking / real estate crisis around 2008. Other than being connected to the government I could not explain WTH they do other than screw things up. Squerly's issues are just another example of how they operate not as a business but in a more PC mode that hurts more than helps the economy.
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Old 03-30-2013, 12:14 PM
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Default Re: You know what really grinds my gears? (Fannie May)

I bought the kid a place they had foreclosed on about 10 years ago. It was the most frustrating real estate deal I ever dealt with. Between them and Wells Fargo who were financing the rest of it I was ready to kill somebody at a settlement that drug out for almost 2 hours. Bunch of friggin idiots who probably need paperwork to buy a loaf of bread.
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Old 03-30-2013, 04:54 PM
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Default Re: You know what really grinds my gears? (Fannie May)

When I moved to California in 95, I bought a FM foreclosure. It was the best closing ever, took only 4 weeks, got a friggin bargain too.

3000 sq ft, 40,000 gallon pool, 3 car garage, corner lot. No issues with the house at all other than the redwood fencing needed some repairs. $125,000. Sold it three years later and more than tripled the value. Considering I was saving for a business, I only put something like 3% down. The net payments, taxes, down payment, I multiplied the money by a factor of 9 or so.

I kinda like fanny.
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Old 03-30-2013, 05:40 PM
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Default Re: You know what really grinds my gears? (Fannie May)

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When I moved to California in 95, I bought a FM foreclosure. It was the best closing ever, took only 4 weeks, got a friggin bargain too.
Yeah, I was probably trying to buy that one too. From your perspective it's great, from an investors perspective it sucks to play by rules that make no business sense, and from the taxpayers perspective, it sucks really big time.
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Old 03-30-2013, 08:47 PM
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Default Re: You know what really grinds my gears? (Fannie May)

Quote:
Originally Posted by squerly View Post
A few months ago I found a quad for sale and decided to make an offer. The realtor told me it was a Fannie Mae property and before I could make an offer I would have to give non-investors (owner occupants) what is called a “first look”. First Look is the government’s term for giving people who would be owner occupants a 14-day period of time in which only they can purchase the property. It doesn’t matter if an investor has cash money and can close that very same day; he has to give a 14 day first option to the potential owner occupant. This gripes me a couple of reasons. 1) Fannie Mae owes the people of the USA billions in bailout money and they should be moving this property as quickly as possible and 2) an owner occupant can’t even live in a quad so what the hell is our government thinking?

I passed on the property, bitched about it on a thread here on FF, and then forgot about it. A couple of months later the realtor called me and said the quad had been drastically reduced (because nobody had made any offers) and asked me if I was still interested? I wasn’t. But I had to laugh to myself on how F/U the government is. They lost a cash sale because they didn’t move promptly, and now not only were they still looking for a buyer, they were lowering the price.

Even more frustrating is 6 weeks ago myself and another bidder had made offers on a nice property on the golf course, and Fanny Mae had moved to what they call a “Best Offer” position. We both made our best offers and I was feeling pretty good about it. The next day I found that even though I was the higher bid, Fanny Mae was going to award the sale to the competing bid because he was going to be an owner occupant. I was pissed, but it-is-what-it-is and no sense in losing sleep over it, right?

So a couple of weeks later my realtor called back and told me the “owner occupant” offer failed to qualify and the property was going back on the market at $108K. Great! Not wanting to take any chances of being outbid, I submitted an offer of $114K. I should have been a shoe-in.
A few days later I learned that once again Fanny Mae had turned down my cash offer and awarded the property to an “owner occupant” offer of $108K. $6,000.00 less than my offer? WTF?

Total insanity, right? It gets better! On Thursday my realtor one again called and it turns out that this owner occupant has also failed to qualify and the property is once again being put back on the market! I made an offer, this time at $108K and I’m waiting to find out if Fanny May is going to accept my bid.

I’m completely fed up. Twice before I have been high bidder on this property and twice before Fanny May has awarded the property to a person who can’t even qualify. This fucked up federal entity owes us billions and they conduct business in this manner? How does one explain this nonsense unless possibly the head of GM’s Chevy Volt program is also the head of Fanny Mae?

This is my 3rd attempt to by this property but I expect the odds are better that Ben Carson will be invited to dinner at the White House. But even if I do win, this property will have remained a taxpayer liability for months longer than it should have and will sell for thousands less than it could have.

No wonder we’re is such debt. Sequester anyone?
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Old 03-30-2013, 10:22 PM
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Default Re: You know what really grinds my gears? (Fannie May)

Squerly, as I 've said before, you don't really expect common sense and logic to be used in the same sentence w/ gov't agency do you??
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