High level overview, our friends were involved in a short sale or trying to buy a short sale. It dragged on as short sales do, then today in swoops Fanny Mae and buys the mortgage. Does that sound right?
Sure hope this isn’t something they are practicing a lot of. Fanny buying bad debt. Nothing bad could happen because of that, could it?
Maybe I should have titled it Loan Officers, not Realtors.
Most likely Fannie Mae is the original investor of the mortgage. The original people trying to sell in short sale have gone into foreclosure or fannie mae has just bought the paper back from lender. Either way its an pre cautious purchase from Fannie Mae, knowing they will be selling the home to your friends. Ideally they(FM) will not be holding this “bad” paper long. Hopefully your friends will be owners soon rather than later.
So are you saying most likely that Fannie will put it back on the market? I am assuming if they due, the price just went up?
almost the same thing happened to a coworker last year and he was concerned. turns out fanny mae sped up the process and he actually payed the exact same amount as before. I wouldn’t sweat it just try to stay in touch with em and they should be fine 
How far out from closing were they? is the closing date altered? If so is the closing contingent on the closing of a current home?
Had they received the HUD statement? All fees should stay the same.
Like people have said it should be fine, just a few things to check on.
Just re-read the post, thought that they HAD bought it. If no papers were signed I think only two things can happen, they lose out on it somehow or the price goes up. Probably neither of which will happen.
Well I don’t know all the details, but they were locked into a rate. Then the time expired and they had to redo paper work and the rate I think went up.
Thanks guys, this is good to know. They were pretty disappointed in the news, especially the moms, who the town house is for.
I told Michelle about what people said in response and she said you guys don’t just talk fishing? I said, you know how much I fish and you know how much I am on the site. 
mplspug, most likely Fanny owned the loan from the get go as they do not swoop in and buy up bad debt. The owners of a short sale have to accept an offer first and then it go’s to the bank for approval and this is were it can go fast or drag on for months (I am a realtor and I have a short sale with fanny right now going on 9 months) Your friends rate lock more than likely was good for 60 or 90 days at the most and then expires and they have to re submit for a new loan at current rates. What I do is to not have my clients apply for the loan untill we get approval from the the bank. So your friends options are if the really want the property to sit back and be patience or back out of the deal before fanny accepts the offer.
Are they working with a realtor? If so they should know the proccess and guide your friends thru.
Hope this info helps and if you have any other questions give me a holler and I’ll see if I can help.
Wahly
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