Fannie Mae REOs and extensions...

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Mortgage and Lending with Primary Residential Mortgage

Hoping someone can help me out... why does Fannie Mae go "postal" and pull all seller contributions and any agent bonus if a deal closes 1 day late?

Yes, I understand a contract is a contract and we should close on the day stipulated.

Yes, I understand a potential asset manager bonus is on the line.

Yes, I understand they are trying to set a precedent.

 

I have seen a couple fannie REOs close late and were outside of the control of the buyer, lender, etc... and everything was pulled from the buyer, thus not being able to close the loan. Does Fannie realize their house will be back ont he market for a minimum of 30 days. 

Is there an REO agent out there that can help explain this?

Wonder what Obama would say if we told him his own company is potentially pulling the dream of homeownership from a first time home buyer because of closing one day late???

Is this happening nationwide, or a Las Vegas thing?

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