Monday, June 22, 2009

A little slice of housing heaven, courtesy of Fannie Mae

Diane writes in with her own puzzling story concerning Fannie Mae.

We were trying to get a contract on a foreclosure that is owned by Fannie Mae.

The asking price for the home was $290,000. The home had no appliances, holes in the walls, exposed wiring, etc. We fell in love with the home and most of the things wrong we could repair ourselves. So we made some offers on the home. Our final offer was $278,500.

Well, they [Fannie] declined all of our offers wanting $290,000 for the home (all of this took place over the last few weeks).

So I later went and looked to see if the home is still up for sale (we are under contract on another home now) and they are asking $268,900 for the home!

This is almost $10,000 less than our last offer. We were already pre-approved for more than what we were offering on the home, but Fannie Mae obviously has some kind of problem on accepting offers on this particular home.

It has been on the market for almost two years and they decline offers on the home but then turn around and drop the home's price to below that of the last counter-offer!

Is this discrimination? We are a white "middle-class" Military family. Why would Fannie Mae decline an offer of $278,500 and then turn around and lower the price to $268,900?

Kind of makes you wonder how many other families they have done this to just to keep homes on their books.

No wonder they needed a Federal Bailout!

To top this off I have been trying to contact Fannie Mae to find out the reason behind this... but of course you never get to speak to a representative and they never return phone calls! Something is obviously very fishy with Fannie Mae.

Maybe the government needs to take an even closer look!

Diane, they're a little too busy to return your calls. After all, they've got an entire health care system to nationalize!

In all seriousness, if anyone knows of similar stories, please fire me an email. We may have to delve into this little mystery.

No comments: