Since Fannie Mae has acquired its REO from distressed homeowners and has never actually occupied these homes, the agency sells them in “as-is” condition. This addendum eliminates virtually all of the protections that are usually afforded to a home buyer in a conventional home purchase. They are well advised to consult with a real estate broker or real estate attorney to explain the legal implications of this addendum. Prospective buyers must read and understand the terms and conditions of that addendum. Although there is no specific contract language that you must use, you must submit a specific 13-page Fannie Mae addendum, which is available online.
Fannie Mae will consider standard contract contingencies such as financing, appraisal or home inspection. Once you find a home that you would like to buy, you must submit a written purchase offer through a licensed real estate agent. 31, Fannie Mae is also offering additional incentives, such as offering 3.5 percent cash credit toward buyer’s closing costs and a $1,200 bonus payable to the selling real estate agent. The state-by-state list of those approved lenders is available online.
Twenty-eight approved lenders and six approved home renovation lenders are in Washington, D.C.
Prospective home buyers may also be able to take advantage of Fannie Mae-approved lenders offering favorable mortgage loans for the acquisition, as well as the renovation of the REO. Owner occupants are encouraged by a program called the “First Look” system, which provides that for the first 15 days of the listing, only offers from prospective owner occupants will be considered.Īfter the First Look period expires, anyone, including investors, can submit an offer on that home. Fraudulent owner occupant certifications may result in loss of your earnest money deposit and a $10,000 penalty. Owner occupants are buyers who certify that they will move into the home as their principal residence within 60 days from settlement and remain in that home as their principal residence for at least one year. But buyer beware: Buying a Fannie Mae home is different than a traditional private sale.įannie Mae’s homes are available to owner occupants as well as investors. If you are already working with a buyer-broker, he or she can contact the listing agent on your behalf. If you find a home you are interested in buying, you can contact the listing agent directly.
FANNIE MAE FORECLOSURES RULES ZIP
That site is easily searchable by state, town, Zip code, price, number of bedrooms or baths it provides detailed information about the listings and the listing agent’s contact information. Fannie Mae lists its homes on a Web site called. Some homebuyers and investors are interested in buying Fannie Mae homes because the company offers favorable terms, but you must factor into your offer price the additional costs of conducting an inspection, title search and surveys.įannie Mae does not directly sell homes it only sell homes through real estate brokers. Of the homes sold, the vast majority were sold to homebuyers in individually negotiated transactions versus bulk transactions sold to investors.
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