Comments on: Fannie Mae “First Look” – An abuse of taxpayer funds? http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/ Sat, 04 Feb 2012 19:57:02 +0000 hourly 1 http://wordpress.org/?v=3.1 By: chat room http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-230193 chat room Mon, 23 Jan 2012 20:06:06 +0000 http://www.foreclosuretruth.com/?p=1080#comment-230193 <strong>chat room...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]... chat room…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]…

]]> By: A Portal, Nexus, Web Root, and Chat Room. http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-229949 A Portal, Nexus, Web Root, and Chat Room. Mon, 23 Jan 2012 04:51:48 +0000 http://www.foreclosuretruth.com/?p=1080#comment-229949 <strong>A Portal, Nexus, Web Root, and Chat Room....</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]... A Portal, Nexus, Web Root, and Chat Room….

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]…

]]> By: FM Cosmetics http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-226469 FM Cosmetics Sun, 15 Jan 2012 18:06:31 +0000 http://www.foreclosuretruth.com/?p=1080#comment-226469 <strong>FM Cosmetics...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]... FM Cosmetics…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]…

]]> By: Avoid Foreclosures In St George http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-224003 Avoid Foreclosures In St George Tue, 10 Jan 2012 23:41:06 +0000 http://www.foreclosuretruth.com/?p=1080#comment-224003 <strong>Avoid Foreclosures In St George...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]... Avoid Foreclosures In St George…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]…

]]> By: foreclosure purchaser http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-217332 foreclosure purchaser Fri, 30 Dec 2011 04:28:22 +0000 http://www.foreclosuretruth.com/?p=1080#comment-217332 <strong>foreclosure purchaser...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]... foreclosure purchaser…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]…

]]> By: webuy houses http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-216831 webuy houses Thu, 29 Dec 2011 01:52:40 +0000 http://www.foreclosuretruth.com/?p=1080#comment-216831 <strong>webuy houses...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]... webuy houses…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth | Foreclosure News, Opinions and Analysis[...]…

]]> By: Shorten urls service make money http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-211979 Shorten urls service make money Tue, 20 Dec 2011 16:40:31 +0000 http://www.foreclosuretruth.com/?p=1080#comment-211979 <strong>Shorten urls service make money...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth[...]... Shorten urls service make money…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth[...]…

]]> By: free auction http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-204446 free auction Thu, 08 Dec 2011 16:36:08 +0000 http://www.foreclosuretruth.com/?p=1080#comment-204446 <strong>free auction...</strong> [...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth[...]... free auction…

[...]Fannie Mae “First Look” – An abuse of taxpayer funds? | ForeclosureTruth[...]…

]]> By: c http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-204426 c Thu, 08 Dec 2011 15:57:09 +0000 http://www.foreclosuretruth.com/?p=1080#comment-204426 That's a hard question whether to pursue some sort of action. Right now there is not much recourse. I have "filed" complaints. But I'm not even sure the complaint was ever reviewed. So if if makes you feel better do it. you won't run up against these insiders all the time. really it is the minority of sales where there are insiders. But I do find that when there is a screaming deal, almost to good to be true, it's about 30% of time insider working it. I can suggest you keep an eye on the property via the MLS or Realtor.com or drive by it if it comes up for sale in 1-6 months it's an investor flip which supposedly is not supposed to have a shot at these FIRST LOOK props. But I have only found some info about a $5k fine can be imposed but that is for the realtor not the buyer. If anyone knows differently please let me/us know. As far as the winning offer being lower than yours you will probably find that the winning offer is a very small amount over your usually 1000 dollars or less. You have to calculate in the buyers realtor commion lack of or paid, sometimes the buyer is the agent and sometimes no commision is paid. The really frustrating ones are where an insider agent in the office that listed the prop is the buyer and then resells it short time later as the listing agent. See my above comments. Hopefully you bid it up enough to make it not such a money maker for them. You are also correct when the selling agent is acting biligerent un-friendly or down right angry towards you or your agent, that is a sure sign of inside job. What agent is not happy to get multiple offers on thier listing it just means the price goes up and so does thier commision. So its counter intuitive that the selling agent should be hostile to other offers. That’s a hard question whether to pursue some sort of action. Right now there is not much recourse. I have “filed” complaints. But I’m not even sure the complaint was ever reviewed. So if if makes you feel better do it. you won’t run up against these insiders all the time. really it is the minority of sales where there are insiders. But I do find that when there is a screaming deal, almost to good to be true, it’s about 30% of time insider working it. I can suggest you keep an eye on the property via the MLS or Realtor.com or drive by it if it comes up for sale in 1-6 months it’s an investor flip which supposedly is not supposed to have a shot at these FIRST LOOK props. But I have only found some info about a $5k fine can be imposed but that is for the realtor not the buyer. If anyone knows differently please let me/us know. As far as the winning offer being lower than yours you will probably find that the winning offer is a very small amount over your usually 1000 dollars or less. You have to calculate in the buyers realtor commion lack of or paid, sometimes the buyer is the agent and sometimes no commision is paid. The really frustrating ones are where an insider agent in the office that listed the prop is the buyer and then resells it short time later as the listing agent. See my above comments. Hopefully you bid it up enough to make it not such a money maker for them. You are also correct when the selling agent is acting biligerent un-friendly or down right angry towards you or your agent, that is a sure sign of inside job. What agent is not happy to get multiple offers on thier listing it just means the price goes up and so does thier commision. So its counter intuitive that the selling agent should be hostile to other offers.

]]> By: J http://www.foreclosuretruth.com/blog/sean/fannie-mae-first-look-an-abuse-of-taxpayer-funds/#comment-204374 J Thu, 08 Dec 2011 14:03:23 +0000 http://www.foreclosuretruth.com/?p=1080#comment-204374 Thanks for the reply! We offered 15k over the asking price and were just notified yesterday another offer has been accepted. Apparently there were 4 offers, including at least one cash offer. I have suspected all along there is an insider, in which case it probably didn't matter what I offered, I would have lost. There has just been something that didn't seem quite right the whole time we've been dealing with the selling agent. I know it is a long shot at this point, but should I still at least try to alert Fannie Mae to the possible impropriety? Or just move on? I am going to be so angry once I see what it closes at if it is less than we offered! I am really disappointed at this point and feel like just giving up if this is just going to keep happening. Thanks for the reply! We offered 15k over the asking price and were just notified yesterday another offer has been accepted. Apparently there were 4 offers, including at least one cash offer. I have suspected all along there is an insider, in which case it probably didn’t matter what I offered, I would have lost. There has just been something that didn’t seem quite right the whole time we’ve been dealing with the selling agent.

I know it is a long shot at this point, but should I still at least try to alert Fannie Mae to the possible impropriety? Or just move on? I am going to be so angry once I see what it closes at if it is less than we offered! I am really disappointed at this point and feel like just giving up if this is just going to keep happening.

]]>