squerly
Supported Ben Carson
A few months ago I found a quad for sale and decided to make an offer. The realtor told me it was a Fannie Mae property and before I could make an offer I would have to give non-investors (owner occupants) what is called a “first look”. First Look is the government’s term for giving people who would be owner occupants a 14-day period of time in which only they can purchase the property. It doesn’t matter if an investor has cash money and can close that very same day; he has to give a 14 day first option to the potential owner occupant. This gripes me a couple of reasons. 1) Fannie Mae owes the people of the USA billions in bailout money and they should be moving this property as quickly as possible and 2) an owner occupant can’t even live in a quad so what the hell is our government thinking?
I passed on the property, bitched about it on a thread here on FF, and then forgot about it. A couple of months later the realtor called me and said the quad had been drastically reduced (because nobody had made any offers) and asked me if I was still interested? I wasn’t. But I had to laugh to myself on how F/U the government is. They lost a cash sale because they didn’t move promptly, and now not only were they still looking for a buyer, they were lowering the price.
Even more frustrating is 6 weeks ago myself and another bidder had made offers on a nice property on the golf course, and Fanny Mae had moved to what they call a “Best Offer” position. We both made our best offers and I was feeling pretty good about it. The next day I found that even though I was the higher bid, Fanny Mae was going to award the sale to the competing bid because he was going to be an owner occupant. I was pissed, but it-is-what-it-is and no sense in losing sleep over it, right?
So a couple of weeks later my realtor called back and told me the “owner occupant” offer failed to qualify and the property was going back on the market at $108K. Great! Not wanting to take any chances of being outbid, I submitted an offer of $114K. I should have been a shoe-in.
A few days later I learned that once again Fanny Mae had turned down my cash offer and awarded the property to an “owner occupant” offer of $108K. $6,000.00 less than my offer? WTF?
Total insanity, right? It gets better! On Thursday my realtor one again called and it turns out that this owner occupant has also failed to qualify and the property is once again being put back on the market! I made an offer, this time at $108K and I’m waiting to find out if Fanny May is going to accept my bid.
I’m completely fed up. Twice before I have been high bidder on this property and twice before Fanny May has awarded the property to a person who can’t even qualify. This fucked up federal entity owes us billions and they conduct business in this manner? How does one explain this nonsense unless possibly the head of GM’s Chevy Volt program is also the head of Fanny Mae?
This is my 3rd attempt to by this property but I expect the odds are better that Ben Carson will be invited to dinner at the White House. But even if I do win, this property will have remained a taxpayer liability for months longer than it should have and will sell for thousands less than it could have.
No wonder we’re is such debt. Sequester anyone?
I passed on the property, bitched about it on a thread here on FF, and then forgot about it. A couple of months later the realtor called me and said the quad had been drastically reduced (because nobody had made any offers) and asked me if I was still interested? I wasn’t. But I had to laugh to myself on how F/U the government is. They lost a cash sale because they didn’t move promptly, and now not only were they still looking for a buyer, they were lowering the price.
Even more frustrating is 6 weeks ago myself and another bidder had made offers on a nice property on the golf course, and Fanny Mae had moved to what they call a “Best Offer” position. We both made our best offers and I was feeling pretty good about it. The next day I found that even though I was the higher bid, Fanny Mae was going to award the sale to the competing bid because he was going to be an owner occupant. I was pissed, but it-is-what-it-is and no sense in losing sleep over it, right?
So a couple of weeks later my realtor called back and told me the “owner occupant” offer failed to qualify and the property was going back on the market at $108K. Great! Not wanting to take any chances of being outbid, I submitted an offer of $114K. I should have been a shoe-in.
A few days later I learned that once again Fanny Mae had turned down my cash offer and awarded the property to an “owner occupant” offer of $108K. $6,000.00 less than my offer? WTF?
Total insanity, right? It gets better! On Thursday my realtor one again called and it turns out that this owner occupant has also failed to qualify and the property is once again being put back on the market! I made an offer, this time at $108K and I’m waiting to find out if Fanny May is going to accept my bid.
I’m completely fed up. Twice before I have been high bidder on this property and twice before Fanny May has awarded the property to a person who can’t even qualify. This fucked up federal entity owes us billions and they conduct business in this manner? How does one explain this nonsense unless possibly the head of GM’s Chevy Volt program is also the head of Fanny Mae?
This is my 3rd attempt to by this property but I expect the odds are better that Ben Carson will be invited to dinner at the White House. But even if I do win, this property will have remained a taxpayer liability for months longer than it should have and will sell for thousands less than it could have.
No wonder we’re is such debt. Sequester anyone?
From your perspective it's great, from an investors perspective it sucks to play by rules that make no business sense, and from the taxpayers perspective, it sucks really big time.