Why will Fannie Mae not do short sale? OHIO - Posted by Dale-Ohio

Posted by Jonathan (PA) on June 24, 2004 at 14:55:04:

Has anyone actaully presented a short sale package to Fannie Mae? It sounds like you need to get them under contract and then present an offer to Fannie Mae.

HTH,

Jonathan (PA)

Why will Fannie Mae not do short sale? OHIO - Posted by Dale-Ohio

Posted by Dale-Ohio on June 24, 2004 at 14:07:23:

Hi, found a nice house in Sidney, Ohio which is north of Dayton. couple divorced and house appraisal is at 130,000.
owes around 100,000. Reinstatement is 17,000. They said its a Fannie mae loan and they, if ever, allow a short sale. The bank said they have no control over Fannie Mae and have to do what they say. Any suggestions? should i let it go to auction? (which is in 3 weeks). its a nice house. 3 bed, 2 full bath, 2.5 car garage (attached) very large deck in back yard. living room, family room, kitchen. Needs no work except paint and carpet (which could be cleaned).

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Because they don’t have to - Posted by rm

Posted by rm on June 24, 2004 at 15:46:25:

They hold all the cards, they get their money practically for free, and they’ve got trillions.

They don’t care, and based on the situaion, why would they? They have a virtual monopoly and unlimited funding.

So in a lot of cases, they’d rather sit, take the loss, fix the property and sell it higher to an occupant than short it to you.

Move on, soldier.