Darcy and I have a deal that we thought would sail through, a great buyer with her financing in place, a town home that she absolutely loves and an accepted offer from Fannie Mae.  The problem is that Fannie Mae doesn't actually own the home yet.  The home was included in the previous owner's bankruptcy which was filed just prior to the actual foreclosure.  

With all of the foreclosures on the market here and everywhere, the Title company initially thought that it was just a clerical error and that Fannie Mae probably owned the home, but that we needed to verify whether it did or not.  Apparently it doesn't, at least not yet, the bottom line is that someone screwed up!  Our buyer is a first time home buyer and was looking forward to the stimulus credit to do some repairs to the unit and was sure that she was going to miss out on this opportunity!

I am glad that Congress and the President agreed to extend this program, I will be honest, this is the only part of the bail out/stimulus package that made sense to me.  I would have agreed with money being spent on rebuilding infrastructure, but that is another topic for another blog.  Anyway, there is a sliver of silver lining for our client with this extension passing, now we have more than 3 weeks to get things worked out.

I do hope that no one else experiences this!  I am also very glad that we have Title Companies that really do a good job!  I guess that this is enough of a rant.  I wish everyone a great weekend!