I made a cash offer of $60,000 on a property and although there were multiple offers, my offer was accepted. However, I am still waiting for a signed contract from Fannie Me so I can get an inspector into the property and begin the necessary repairs before my son moves in to the property. This process began on July 3rd. They have my earnest money (10% = $6,000). Why hasn't Fannie Mae moved forward on this cash offer? It's so hot and dry here that the house s suffering from additional neglect while we sit waiting for a signed contract to go forward. They accepted my contact on July 13th. Today is the 23rd of July and still I have no signed contract from them!!! Very frustrating? Is it the realtor' representing Fannie Mae that is at fault? To whom do I complain? Are there penalties for that realtor? The house is being damages by this continued default on the part of either Fannie Mae or its realtor representative.
Be patient Im guessing this was a short sale or a REO cash or not the paper work invovled and actually getting someone to push it is the problem. With hundreds of thousands of properties on thier books the flow of paperwork is slooowwww to say the least. Hang in there!!
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