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Answers (3)
- Michael Emery, "MikeEmery"
- Contributions:7296
I was the listing agent last year on a Fannie Mae owned property. They were prompt in their decision and closing was quick. Unfortunately the title company that Fannie Mae used was thoroughly incompetent. Fortunately the buyers title company stepped up and did an outstanding job. So if you are buying a Fannie Mae property GET A GOOD TITLE AGENT.
Just make sure your agent has you sign all the necessary addendums for Fannie Mae properties or you are going to unnecessarily drag the process out. As a rule, Fannie Mae considers price reductions every 30 days, so a full price (or close to full price offer) MAY be more successful in that first 30 days of listing. After a property has matured on the market, there is no telling how low they will go. I was surprised when a lowball offer came in for my listing and Fannie Mae quickly accepted the offer.
Oh and by the way, set a closing date that is doable for you. If the closing date is extended (throught the fault of you, your title company or your lender) they WILL invoke the rule in the purchase agreement where they will charge you X numbers of dollars per day you are past the closing date. Of course if THEY miss the closing date, they are not going to compensate you.
Good luck.
Just make sure your agent has you sign all the necessary addendums for Fannie Mae properties or you are going to unnecessarily drag the process out. As a rule, Fannie Mae considers price reductions every 30 days, so a full price (or close to full price offer) MAY be more successful in that first 30 days of listing. After a property has matured on the market, there is no telling how low they will go. I was surprised when a lowball offer came in for my listing and Fannie Mae quickly accepted the offer.
Oh and by the way, set a closing date that is doable for you. If the closing date is extended (throught the fault of you, your title company or your lender) they WILL invoke the rule in the purchase agreement where they will charge you X numbers of dollars per day you are past the closing date. Of course if THEY miss the closing date, they are not going to compensate you.
Good luck.
- Carrie Blair, "Carrie Blair"
- Contributions:155
Hi there...I helped buyers purchase several Fannie Mae properties this past year. In dealing with "Fannie Mae" as the seller, you are still really dealing with an asset manager working on behalf of Fannie Mae.
Asset managers are all different. Some respond the same day and some will respond a couple of days later. Normally the longest you would need to wait to hear on your offer is 48 to 72 hours tops.
In dealing with bank owned properties, speed is your ally. The faster you can have your offer in, the faster your offer gets input into the system. I have had offers accepted the same day on bank owned properties.
Make sure you are working with an agent who has a lot of experience in dealing with bank owned properties. Fannie Mae has some specific wording it likes in the additional provisions section of your Colorado contract (plus you will get their addendums to sign).
If you and your agent have the right strategy, you should be able to complete a transaction quickly.
Let me know if you have any other questions! :)
Asset managers are all different. Some respond the same day and some will respond a couple of days later. Normally the longest you would need to wait to hear on your offer is 48 to 72 hours tops.
In dealing with bank owned properties, speed is your ally. The faster you can have your offer in, the faster your offer gets input into the system. I have had offers accepted the same day on bank owned properties.
Make sure you are working with an agent who has a lot of experience in dealing with bank owned properties. Fannie Mae has some specific wording it likes in the additional provisions section of your Colorado contract (plus you will get their addendums to sign).
If you and your agent have the right strategy, you should be able to complete a transaction quickly.
Let me know if you have any other questions! :)
- Daniel Herron, "Herrons Homes"
- Contributions:286
Jenmopo
It can be a little or a long time to put an offer and get it closed. Â The nice thing about Fannie Mae is that usually they have their act together a little more then other banks. Â I have a client right now who made an offer on a Fannie Mae home. Â We heard back from the bank in two days, and then countered back to the bank. Â 5 days later they called me and said they had received other offers and were rejecting our offer. Â So it can be a little tricky and you never know for sure until you have a completed offer. Â Also they have specific time lines you have to follow that are detailed in their paperwork. Â I can walk you through some of those but you have a lot of options.
The homepath financing is similar to FHA financing and can be a good deal. Â There are restrictions on it so you must talk with a qualified lender to find out if you qualify? Â I know some qualified lenders that you could talk too. Â Many times you are better off with a conventional loan if you can afford to get one.
Any other questions or for some help feel free to email or call me?
Daniel Herron
Coldwell Banker Residential
720-323-9178
daniel.herron@coloradohomes.com
www.herronshomes.com
It can be a little or a long time to put an offer and get it closed. Â The nice thing about Fannie Mae is that usually they have their act together a little more then other banks. Â I have a client right now who made an offer on a Fannie Mae home. Â We heard back from the bank in two days, and then countered back to the bank. Â 5 days later they called me and said they had received other offers and were rejecting our offer. Â So it can be a little tricky and you never know for sure until you have a completed offer. Â Also they have specific time lines you have to follow that are detailed in their paperwork. Â I can walk you through some of those but you have a lot of options.
The homepath financing is similar to FHA financing and can be a good deal. Â There are restrictions on it so you must talk with a qualified lender to find out if you qualify? Â I know some qualified lenders that you could talk too. Â Many times you are better off with a conventional loan if you can afford to get one.
Any other questions or for some help feel free to email or call me?
Daniel Herron
Coldwell Banker Residential
720-323-9178
daniel.herron@coloradohomes.com
www.herronshomes.com
Fannie Mae foreclosed properties: Does anyone have any information or experience with
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