Updated about 11 years ago on . Most recent reply
What to expect at this point? (Fannie Mae Frustration)
Kind of of frustrated at the whole thing and don't understand what to expect. We had an offer accepted on a Fannie Mae home, and had the contract signed and everything on July 18th, which put our closing for August 18th. During the appraisal, there a hot water issue found so our realtor out in a request to have it fixed by Fannie Mae. During a soils inspection, part of the foundation of the house was discovered exposed so it needs to be filled in and compacted.
My loan officer is ready to close as soon as these repairs are made, I even said to forget Fannie Mae and we would pay for the repairs to get it done. My realtor even went so far as to line up the repairs so they could get done immediately so they could get re-inspected so we could make closing. but the selling agent whom represents Fannie Mae wont let any of this happen until they get word from Fannie Mae on what to do.
Why is it that even though we are willing to pay for the repairs to allow it to close, they wont let us do it. Because we have to wait on Fannie Mae, my realtor had no choice but to put in for a two week extension of the closing date and my loan officer has to do his own extension so I keep my current loan rate. I have already wired funds to escrow to cover the rest of my down payment and closing costs so we are just waiting. Why the holdup???? My wife and I love this house but I don't understand the delay.