I put an offer in on a Fannie Mae foreclosure and it was accepted. I was given less than a week to have my commitment letter, and my closing was scheduled for July 24 which was a month out.
The seller pushed the closing out to Aug. 24 due to "a lost title"... Two weeks till my closing I received an email stating the seller wished to withdraw from the contract due to "title issues". When I called the hotline number to file a complaint I was told that it was a local problem but as long the listing agent was working on a solution we could continue with the purchase.
After speaking to my attorney he agreed that we should continue to move forward with the purchase.
Today I received an email from Fannie Mae stating that that as ling as the home was listed as "Un-Marketable" they could not remain in a contract, when my attorney challenged that we were told that "Fannie Mae has guidlines and must follow them, sorry for any inconvenience" ... through all of this they are only willing ti refund my deposit, but not compensate for my inspection, my appraisal or the fact that my fiance didnt renew his lease because we were planning on having our own home.
Product or Service Mentioned: Fannie Mae Property Listing.
Reason of review: Not as described.