Fannie Mae - is this a common problem?
Hey everyone,
I figured I'd ask here because I know many of you have dealt with Fannie mae a lot. I've been having a problem with a listing and wanted to know if this is common or if something's wrong.
Here's the deal in as few words as possible:
There aren't a lot of REOs in our region. One caught our eye on Homepath because it's fairly underpriced (given the low availability). The listing had been on Homepath for over 2 months and had 2 price drops.
It was listed as active so we contacted the listing agent directly, but he said it was sold.
Since it was still listed as active, we called Fannie Mae just to verify, and the supervisor (or the 2nd line person, whatever they are called) said they hadn't even received an offer on the house. But there wasn't much we could do about it.
2 days later it changed on the website to under contract, so we figured he was right.
2 weeks later I look up Homepath and it says back on market. We figured we would try a different approach and contact a buyer agent. She contacted the listing agent to get us a viewing, and he once again says it's sold.
It's still listed as "back on market" on Homepath.
In one month, we still haven't been able to see the house.. I find it kind of suspicious, almost as if he always says it's sold and lets the price drop, but can't exactly verify it. I've been told that Fannie Mae has a lot of departments so often one hand doesn't know what the other is doing, so it might just be system delays.
Anyone have any insight? There aren't a lot of opportunities in this area and this listing agent pretty much has ALL of the REO homes so I don't want to confront him and be wrong, if that makes sense.
Thank you for the information.