Fannie Mae-- after they accept my counter

I'm a bit confused...  do I sign the P&S then have 10 days for my inspections? or do I do the inspections first then sign the P&S?

Thank you!
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July 20 2010 - Boston
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Answers (7)

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I don't know what you mean by P&S, but if you are referring to your contract (purchase agreement and addendums) you sign them so that you have a contract with them, then do your inspections and attorney review. You do not want to do your inspection etc. and have someone else come in and buy the property.

Good Luck,
Jim Starwalt
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July 20 2010
It makes more sense to do the inspections first so that your earnest money is not at risk if you find something you don't want to live with - regardless of any contingencies you may or may not have in the contract.

However, customarily, you sign the contract first and then do your inspections for the reasons stated above.
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July 20 2010
If you are buying a FANNIE MAE owned property you have 48 hours to sign the P&S.  In the P&S that will be provided to you by FANNIE MAE you will have the inspection period that was agreed.  If you find issues during this inspection period that make you want to cancel the deal you may.  If after the inspection period expires you find issues, then you don't right to cancel the contract.  But you should still have your mortgage contingency in place  to be able cancel the deal. In both cases get your earnest money returned. Foreclosures go directly to P&S in MA the offer is not signed, but lays out the terms for the seller to draft the P&S and addendum -- no changes typically allowed.  Read the agreement with legal council prior to signing.  The P&S is very standard and you are given enough time to close in most cases.  Good luck on your purchase -- if it is Homepath approved you don't need an appraisal if you buy via that loan program.  But typically I have found the Fannie Mae homes to be in pretty good shape.  But if it needs renovations typically the FHA 203K loan is the way to go as long as you are going to live in the property.  Again good luck
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July 20 2010
All banks have their own rules most give the 7-10 days after you sign their contracts and there is usually a clause that lets you back out even after signing talk to your lawyer to be sure.
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July 20 2010
yes, you do get a contract before inspections not only to ensure someone else does not buy the property while you are spending money on your inspections but from a liability aspect from the sellers point of view, noone should be poking around in their attic, on their roof, etc without a reason to be there.
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July 20 2010
Jim, yes that is what I meant.. Purchase agreement. Makes total sense..

Thank you
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July 20 2010
Profile picture for shapiroamg
Traditionaly in MA: You have your offer accepted, you do your inspection, any issues that pop up are negotiated prior to signing the P&S, P&S is drafted and ammended as needed, then Final draft of P&S is signed.

If you are buying a bank owned or Fannie Owned property, you should probably do your inspections first, then sign your P&S. Bank/Fannie owned property is typically sold "as is".

Do you have an attorney to discuss this with? You really should.
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July 20 2010
 
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