I am the broker of RE/MAX Services in Boca Raton, FL and we come across a lot of transactions that are owned by Fannie Mae and each one is worse than the next, but this one takes the cake.
One of my agents had a cash buyer that offered a price and was accepted in October of 2010. In the MLS it lists a $1500 bonus if closed by December 31, 2010 The buyer was ready to close as soon as condo approval was initiated. Condo approval was done in the end of November. It was delayed by an inept title company. We were given a closing date of:
- December 2nd than
- December 18th than
- December 28th than
- December 30th than
- It finally closed January 7th, 2011.
The buyer was ready to close back at the end of November and the title company that Fannie Mae chose delayed it. They went through 3 or 4 different closers than they said they lost documents. Our client even was willing to go out in the snow to find a kinkos so that she could sign. They ended up closing 7 days after and will not make an exception even through their incompetence.
So this is a warning to all agents in which they bring their buyers to Fannie Mae owned properties that if they are offering either a bonus to you or your buyer be very skeptical that in the end they may not follow through like us. It certainly is not the $1500 as that won't change the life of an agent, but it is the principle that if they are doing this imagine what else they could have done and in the future how much they will do.
Also if you are an agent that takes REO listings from Fannie Mae make sure you disclose that their are restrictions that may apply in order to get the bonus. Otherwise you open yourself up to liability to possibly get arbitrated and brough to your local board. Even if you disclose this you still may be liable. Just a little rant on why our industry has been messed up by what is supposed to be the backbone.
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