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FANNIE MAE Comes Late to the Party- But Arrives!

By Ginny Gorman

Real Estate Agent with RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate

October 16, 2011 10:46 PM

FANNIE MAE comes late to the party - but arrives!

This was one busy week for all my clients from accepted offers to home inspections to the surprise of all!! Are you ready and I have to share this for my first time home buyer because she has been an amazing and patient client throughout this REO (real estate owned – bank owned) home purchase…FANNIE MAE agreed to do all the repairs we requested post home inspection even though it was an ‘AS IS’ Warwick home for sale that she had a contract on. Woo Hoo! We all jumped up and down.

It is a convoluted mine field of getting through repairs by dollar amount with FANNIE MAE and its contractors. It is not for the faint of heart buyer or the buyers who do not have staying power. It is a frustrating and patient process.

The listing agent was truly buffaloed…it had not happened in a long time on all the other FANNIE MAE contracts. In fact, all the other REO buyers' requests for deficient home repairs were summarily rejected. The Bank handler would say to the listing agent "what don't these buyers understand about AS IS!" It must be my good Karma that got ours approved I told the listing agent and he just laughed… Well as they say we are not looking this gift horse in the mouth but have jumped right on it.

The contractor for the listing agent (not the Bank on this one) had the home repairs done within the week…this is amazing in itself. Just to refresh memories on this waterfront Warwick find of a home…we have been waiting since May 2011 to get to closing!! Patience, virtue …oh, you know all those good things but it really took 3 people to get it done on the non- bank side. The listing agents persistent coordinator, a pesty North Kingstown Realtor who would rail everyday for updates & why nots and a wonderful home buying client. When you have a gem of a home purchase it is worth to hold onto …although we were all very weary of the process by now.

So we are 2 weeks to closing and hope we have no more bumps by the Bank. I want to have my buyer in this waterfront Warwick home by Halloween no less- no spooky surprises for her! Thank you FANNIE MAE for this platter of repairs. We are grateful and let’s make it to closing table now. FANNIE MAE comes late to the party - but arrives!

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Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the Washington County RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.

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Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Gita, it is truly a good step forward for Fannie Mae & us..

Christine, she was so happy and so grateful...now the next 2 weeks will be telling...i was a pit bull on this one but had a very cooperative coordinator on the listing side which I'm very grateful for.

Oct 17, 2011 12:15 AM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Ginny: Short sales are not for the impatient that's for sure. Congrats on all accounts with this waterfront Warwick RI home...I know your buyer has to be excited.

Oct 17, 2011 12:33 AM

Clint Mckie

Desert Sun Home, commercial Inspections - Carlsbad, NM

Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Ginny,

In by Halloween, good deal. I'm glad it all worked otu for you and the buyer.

Now if we could get the Govt.'s other institutions to react to requests we might just make it a better economy.

All the best. "How is the quest for the gold going" ? Did you ever go look for the pirates treasure in your area? HMMM...

Have a great week ahead in Rhode Island, Clint Mckie

Oct 17, 2011 12:51 AM

Scott Hayes

(512) 786-8300 - Austin, TX

Realty Austin, Broker Associate

Ginny,

I'm working on a few similar transactions. Although the homes don't require repair, it is interesting to know that if you ask, there may be some latitude there. Congrats on this pending sale.

Oct 17, 2011 12:56 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

There's a first time for everything, isn't there? I once had a buyer in a foreclosure situation get mold remediation from the bank . We were so proud of that. Same deal. Home was selling as-is.

Oct 17, 2011 01:36 AM

Carol-Ann Palmieri

RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA

"Cal" the Real Estate Gal

Hi Ginny. Don't know how you did it, but you did! Great outcome for your client.

Oct 17, 2011 01:44 AM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

Glad to hear that you have good Karma. But, if they didn't want to make repairs, why didn't the bank just lower to the price accordingly?

Oct 17, 2011 02:35 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Anita, it was a REO which should be easier than a short sale...not this one...

Clint, we shall see...the gold is good I have no doubt i passed the test...

Chris Ann, you just don't know until you push the envelope...i'm glad we did..

Carol ann, it worked so put it in your back pocket..

Melissa, i did ask for them to do that too but they went ahead with the repairs...either way it was a good outcome...i'm wondering if my FreddyMac can go this way?

Oct 17, 2011 02:50 AM

Kevin J. May

Florida Supreme Realty - Hobe Sound, FL

Serving the Treasure & Paradise Coasts of Florida

Like what was said in one of the comments Ginny, karma was headed your way and the file was tagged by someone recently converted from the private to public sector. Utterly remarkable and spooky!

Oct 17, 2011 03:31 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Ginny, SWEET! Karma is following you around Ginny, and your buyer is benefiting by using YOU!

Oct 17, 2011 04:26 AM

Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572

CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents - Monument, CO

Angel Realty, LLC

What great news. Its good to know that Fannie Mae finally came through. Thanks for sharing.

Oct 17, 2011 06:31 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Kevin, i appreciate you popping over with all you have going on in your son's life...what a proud American he is!..thanks

Joan, may it be there for all of us...

Laurie...it is a wonderful time...closing will be even better.

Oct 17, 2011 06:51 AM

Nina Rogoff

Boston, MA

Wix Websites for Real Estate Agents

Ginny, congratulations! I can feel your excitement in every line of this post! I can just imagine the jumping up and down in excitement. I hope the next two weeks fly by smoothly and you and your buyer can do some more jumping up and down at the closing table!

Oct 17, 2011 02:21 PM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Thanks Nina...it looks good for the buyer right now...holding in is what it is all about.

Oct 17, 2011 03:43 PM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Good work, Ginny! Sounds like someone is going to have reason to howl on Halloween!

Oct 17, 2011 04:00 PM

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Central CT Real Estate Broker Serving all equally

Ginny, with that kind of luck your buyers should also try a lottery ticket. Mqybe it will get you another larger deal as well.

Oct 18, 2011 12:06 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Pat, i am counting on it and i'll bring the wolves!

eD, GREAT IDEA!

Oct 18, 2011 12:53 AM

Petra Norris

Lakeland Real Estate Group, Inc. - Lakeland, FL

Realtor, Lakeland FL Homes for Sale

Ginny - Fantastic news and I'll keep my fingers crossed. Whether looking for a buyer's agent or a seller looking for a North Kingstown short sale agent, like Ginny Gorman, both will be in good hands with her persistence and attention to detail that is required for difficult transactions like this one.

Oct 18, 2011 10:07 AM

Ginny Gorman

RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI

Homes for Sale in Southern RI and beyond

Yes Petra, at this point i have to make it to the finish line for this buyer!!

Oct 18, 2011 12:57 PM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Congratulations Ginny! It only shows how dedicated you are to your profession and which is why you are the right Realtor or North Kingstown Short Sale Agents to contact in RI!

Oct 26, 2011 01:08 PM