Fannie Mae reneges on counter
East Valley Team member Dean Ouellette talks about how Fannie Mae reneged on a counter offer after buyer accepted.
My buyer had found a property they wanted, a bank owned house owned by Fannie Mae, but the house was at least 10k over market value. After the house had been on the market for 40 days we put in an offer at market value.
Fannie Mae sent us a counter through the listing agent (verbal as they do with all their counter offers) for $170k some closing costs and a quick close of escrow. My buyer accepted.
After three days I had not received the bank addendum so I left a message with the agent to check on the status. Thier answer? Yeaaa Fannie has changed their mind and is now countering back at $177k. Really? because we accepted the counter offer they are upping their counter offer?
What the banks get away with is complete BS. We have to agree to their addendums and now they want to be able to renege on a counter offer after we accepted it.
I love my job and love dealing and helping with buyers and sellers. What I don’t love about my job is dealing with idiot banks and real estate agents that can’t do the basics like call you back. Some days this job drives me to drink!
Who says you can't teach a rocket scientist new tricks. Since Kristin left her former profession for her new one she has built one of the fastest growing businesses in the East Valley. Kristin is known for her Youtube videos, make sure you check them out. 
After a long career in political consulting Dean transitioned to real estate and has not looked back. Dean is one of the sick ones who enjoys fighting with banks to get short sales approved and to help homeowners avoid foreclosure. Dean also loves making videos on the subject.
[...] – FANNIE MAE Coffee Talk: Fannie Mae reneges on counter, drives me to drink East Valley Team member Dean Ouellette talks about how Fannie Mae reneged on a counter offer after [...]