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

Posted by Jonathan ¶ 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 ¶

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.