Residential Real Estate Agent · Windermere, FL · Member since 2008 · 8 posts · 0 votes
Im just venting here. Put in an offer went pending they then reject my offer and go with another. Inspection period up and buyer pulls out back on market. I put in another offer considerably higher. They of course come back with multiple offer highest and best. I put in another offer at asking get rejected and the listing agent says there was no difference in the offers, just that the one they accepted was owner occupied. I know for a fact the condition of this house is not owner occupied. But heres the kicker this property has been on the market almost a year with no offers the intial first look period has come and gone several times over and they say hey sorry after you jumped through hoops and put in an offer three times we were going to take an owner occupied the whole time. So very very frustrating because I did alot of work estimates research to get a punch in the face like that. So investor beware even if the first look is over its not really over!
Wholesaler · garden grove · Member since 2008 · 91 posts · 13 votes
14y
Leticia,
Considered the conditions of the property can not qualified for Owner occupied, then why wouldn't you put the offer in as owner occupied under your name? After you get accepted, you close it. Then you decide to do whatever afterward!!!
Investor · -, IL · Member since 2010 · 409 posts · 616 votes
14y
Originally posted by Tin Lam:
Leticia,
Considered the conditions of the property can not qualified for Owner occupied, then why wouldn't you put the offer in as owner occupied under your name? After you get accepted, you close it. Then you decide to do whatever afterward!!!
Residential Real Estate Agent · Windermere, FL · Member since 2008 · 8 posts · 0 votes
14y
Considered the conditions of the property can not qualified for Owner occupied, then why wouldn't you put the offer in as owner occupied under your name? After you get accepted, you close it. Then you decide to do whatever afterward!!!
The thing is that the first look had been up a long time ago. But from what I was told just a short time ago. Could be the same exact offer and they will always take oo over investor,The bank does not want investors to make the money they feel they should make. I technically could have said I was going to occupy the residence until it sold with no problem because there was no owner occupancy requirement, it had passed. I learned like i said before, they will take an oo over an investor so if the time has passed,for oo I will from now on put myself as an oo and actually live at the property.
Tin Lam what you are suggesting is if they HAD an oo requirement that I say I was an oo that is different and it would be considered unethical as I am a realtor and would have to sign a contractual agreement to the fact. I would not compromise my career for a few thousand dollars. It will be more difficult but it would be considered fraud and cant get caught up in that. I have learned a lesson that seems to get more difficult by the day with all of this. Thank you for all your comments and listening to me vent my frustrations.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
14y
My suggestion is not to offer on any more FNMA properties until they change the rules. If enough investors do this, maybe FNMA will change their practices. In the meantime, I'll have a lot less competition and won't have to read any more of these ridiculous complaining threads.
Investor · Mission Viejo, CA · Member since 2012 · 627 posts · 204 votes
14y
Sorry to ehar you wasted your time.
We recently wasted time putting in an offer on a HUD house - $97,000 all cash on a $98,000 asking price, with a need to buy all kitchen applicances (faucet, dishwasher, microwave hood, stove, refrigeratior, and washer & dryer), eight or ten speaker holes in the ceilings in various places to fix, and carpet which needs to be replaced. I think they took another offer because of the all cash.
Involved In Real Estate · Rochester Hills, MI · Member since 2010 · 812 posts · 178 votes
14y
Originally posted by Tin Lam:
Leticia,
Considered the conditions of the property can not qualified for Owner occupied, then why wouldn't you put the offer in as owner occupied under your name? After you get accepted, you close it. Then you decide to do whatever afterward!!!
and this is why investors get a bad name and we all suffer for it.
Residential Real Estate Agent · Windermere, FL · Member since 2008 · 8 posts · 0 votes
14y
Originally posted by Joe Delia:
Originally posted by Tin Lam:
Leticia,
Considered the conditions of the property can not qualified for Owner occupied, then why wouldn't you put the offer in as owner occupied under your name? After you get accepted, you close it. Then you decide to do whatever afterward!!!
and this is why investors get a bad name and we all suffer for it.
Because I am a realtor and we have a code of ethics we go by unlike regular investors. I am bound by ethics and morals. My hands are tied it may be more difficult for me but I would rather keep my standards and my word and most important my career.
Residential Real Estate Agent · Windermere, FL · Member since 2008 · 8 posts · 0 votes
14y
Originally posted by J Scott:
My suggestion is not to offer on any more FNMA properties until they change the rules. If enough investors do this, maybe FNMA will change their practices. In the meantime, I'll have a lot less competition and won't have to read any more of these ridiculous complaining threads.
As I said I was venting. Dont like dont look its as simple as that. But thanks buddy for letting us know how you operate.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
14y
Originally posted by Leticia Concepcion:
Originally posted by J Scott:
My suggestion is not to offer on any more FNMA properties until they change the rules. If enough investors do this, maybe FNMA will change their practices. In the meantime, I'll have a lot less competition and won't have to read any more of these ridiculous complaining threads.
As I said I was venting. Dont like dont look its as simple as that. But thanks buddy for letting us know how you operate.
It really is as simple as that. If you don't like the rules that this seller has created for selling their properties, then don't try to buy their properties. There are agents in my area who are very bad agents -- I won't make offers on their properties and I'll reject any offers their clients make on my properties hands-down -- that's how much I hate working with those agents. If you hate the FNMA process that much, just don't deal with them.
It really is that simple.
As for how I operate, I do what I can to control my business. Occasionally, there will be things I can't control -- how FNMA makes their selling decisions is a great example. When it comes to things I can't control, I don't spend a lot of time thinking about them and I certainly don't stress over them. If I were to get upset enough to start a forum thread every time a seller did something I thought was ridiculous (especially REO sellers), I'd be doing nothing but starting new threads.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
14y
Originally posted by Leticia Concepcion:
...
The thing is that the first look had been up a long time ago. But from what I was told just a short time ago. Could be the same exact offer and they will always take oo over investor,The bank does not want investors to make the money they feel they should make.... I learned like i said before, they will take an oo over an investor so if the time has passed, ...
OK, you are very much aware that there is this thing called "First Look" where owner occupants only will be considered. So, knowing that, wouldn't you say that the seller has a preference for selling to an owner occupant? I know that I draw that conclusion based on the offering of a "First Look" period.
So, why would you end up surprised losing out to an offer stating it will be owner occupied? I recall reading some other thread where an investor had actually bid a higher amount than an owner occupied bid and still lost to the owner occupant.
Real Estate Investor · Conroe, TX · Member since 2012 · 15 posts · 1 vote
14y
Just to through in more on the pile. I have lost bids to FNMA being the highest bid because I am an investor and not an owner occupant. I do not deal with FNMA any more. It really is as simple as J Scott said. there are people that I do not like the way they do business so I do not do business with them. There is plenty out there not to get hung up on a game that you don't like the rules. Play a different game.
Take a deep breath, Pray, forgive and go on.
Residential Real Estate Agent · Windermere, FL · Member since 2008 · 8 posts · 0 votes
14y
Originally posted by Steve Babiak:
Originally posted by Leticia Concepcion:
...
The thing is that the first look had been up a long time ago. But from what I was told just a short time ago. Could be the same exact offer and they will always take oo over investor,The bank does not want investors to make the money they feel they should make.... I learned like i said before, they will take an oo over an investor so if the time has passed, ...
OK, you are very much aware that there is this thing called "First Look" where owner occupants only will be considered. So, knowing that, wouldn't you say that the seller has a preference for selling to an owner occupant? I know that I draw that conclusion based on the offering of a "First Look" period.
So, why would you end up surprised losing out to an offer stating it will be owner occupied? I recall reading some other thread where an investor had actually bid a higher amount than an owner occupied bid and still lost to the owner occupant.
I don't think you understood what I wrote. First Look had been over months before. The property had been on the market close to a year. So yes I was surprised when I put in the offer and mine was no different according to the LA except oo if I would have known that I would not have bothered wasting my time on this or any other Fannie Mae properties.