Today is on of the faxing faxes days. I have roughly 14 pages of documents to fax to my Realtor who in turn faxes them to the seller which in this case happens to be Fannie Mae. Now of course dealing with a quasi government agency essentially means that what is normally a simple process is enormously complex.
For example document MUST be faxed on legal paper, and there are strange little addendums that only an govenrment agency would require and I wont bore you with all the details.
Personally I'd just like to write the check and be done with it but it is a "process". In may ways Fannie and Freddie are contributors to the housing mess by "dumping" properties for far less than their actual worth. By my calculations I figure this house is being bought for 10 cents on the dollar! While certainly a great deal for me it bothers me that in the governments 'rush" to get rid of property that they are selling it so cheap which drives down "comps" in an area. Fortunately for our neighbors we are actually investing a large sum of money into the house. Far too many homes are sold to "investor types' who will sit on them waiting for the market to turn around. That does not, in my opinion , help neighborhoods grow and re-develop.