Fannie Mae strikes again.
We have been working a short sale with IndyMac bank since February 2, 2011 to start the negotiation process. More than enough time to process a short sale approval and close before a foreclosure auction of April 8, 2011.
Unless Fannie Mae is the investor on the loan it seems. The file was done and only waiting for the approval from the MI (Mortgage Insurance) company in order to get the approval and close. IndyMac started asking for the postponement two weeks ago.
Bottom line, Fannie Mae said no. We won't postpone the file. Worst part of the story, the property reverted back to the lender for $3000 more than the buyer's offer that was on the table.
This post is not simply a place to vent my frustration. The reality is that we need to do something about this. If you have any other similar experiences especially with Fannie Mae please post a comment to this post. I will be having a meeting with one of our congress women during the next recess to express to her the brokenness of the system. The more we can have people of power understand the problem the more likely we will be able to change it.
Matt Side
Alliance Short Sales
www.AllianceShortSales.com
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Based in Spokane, Washington Alliance Short Sales offers short sale services in multiple states around the U.S. With a current network of agents located in Washington, California, Idaho, Nevada, Arizona, Florida, Tennessee, Georgia, Ohio, and Virginia, Alliance negotiates short sale real estate transactions with lenders on behalf of agents without charging a fee to the agent or the seller. Because their fees are paid at closing out of the net proceeds to the lender, Alliance creates a beneficial outcome for all parties involved. For additional information about how you can work with Alliance Short Sales, please visit our website at www.AllianceShortSales.com. Spokane Short Sales Dot Com
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