We found the house of our dreams and it was a Fannie Mae property. After weeks of negotiating and waiting for our offer to be accepted, we finally received notice that our offer was accepted and we would be going to settlement in 2 weeks. The day before settlement we received an email that there were "huge" issues and settlement was not going to happen. Noone could tell us what the issues were and noone contacted us after that so we went to settlement. As we awaited to settle on the house, noone came and noone could tell us what was going on except that there were legal issues which was no fault of ours and there were issues with the the title and the house couldn't be sold. What I don't understand is how they could list a house if it couldn't be sold? We were out inspection money, money for a resale certificate, money to transfer utilities in our name. Also, not to mention, we were without a house. Since we settled on our other home that morning, we had nowhere to go and were homeless. We were told to wait and they will see what they can do. We waited 2 days with no word. We finally moved into an apartment and we kindly asked Fannie Mae to let us know when the house would be ready to sale since we would like to extend our offer, they won't let us extend our offer. We have to terminate the agreement. Now, here we are, we are out almost $1500 and Fannie Mae can't even extend the offer! It was not our fault that the home was not "able to be sold". I am filing a formal complaint but wanted to see if anyone had any advice to see what other options I may have.
Thanks! Any home owners - BEWARE if going after a Fannie Mae property - they can terminate the agreement at any time just because they want to. My gut tells me something is not right and they are going to re-list the house at a higher price the next time it goes on the market.
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