Gina Nyland, REATOR, GRI, e-pro
The Nyland Team
Prudential Texas Realty
Good luck with this one and feel free to contact me if you would like to discuss further.
The answer is no. In fact, an existing survey won't work either because they are not going to sign the T-47 affidavit. You could ask for closing costs. Feel free to contact me anytime because there are some special provisions that might make your offer more attractive(regardless of price) versus any possible competition.
No Fannie Mae will not provide a survey. What I do for my clients is try to find the most recent survey available.
Most times the Survey company will come out and update survey at a reduced price, Now keep in mind we do not get lucky all the time and Survey company might charge full price!
Hope this helps!
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
They usually will pay 3 to 4 percent of buyers closing costs.
They generally will not make any repairs.
Fannie Mae usually sticks close to their sales price.
The critical factor here was that Fannie Mae got their price for the home since this was a multiple offer situation. Some Fannie Mae negotiators will try to tell you that they won't pay for the Survey or home owner's insurance as part of their contribution to closing costs, until you remind them that they agreed in the contract that the Seller's contribution includes any lender required costs. Sometimes, the listing agent will pay for repairs to get the deal done, otherwise Fannie Mae will require in their addendum that the cost of any lender required repairs be added to the sales price. There is a way around this, too, in some cases.
Bottom line, don't expect to offer significantly less that the listing price and get significant concession from Fannie Mae , too. That rarely happens. Most of the time it severely impairs the negotiation process. Significant back bids should be clean with no seller contribution to be seriously considered (that is, if you expect Fannie Mae to agree or give a reasonable counter offer). Also, be sure to use a REALTOR who is familiar with contract for Fannie Mae owned properties. I believe that they definitely earn their commision and are worth every penny if they truly represent your best interest as they should.
All Realtors who learned from this response, please include your TREPAC contribution with your dues before March 15th. Thank you!
It is all about how the contract is structured to help you with costs associated with making a purchase. I just closed a Fannie Mae home in which I was able to not only cover the cost of getting a survey but was able to cover all costs to my client. In fact at the close my client got a check back for $1,616.00 which refunded her earnest money deposit ($1000) as well as her first year of insurance ($616). Further we got several repairs paid for by Fannie Mae's side of the transaction. My client got a great home at a great price which starts her off with about $20K of equity to boot!
I'd be happy to help you get a similar deal as well.
Call ~ Text ~ Email Directly ~ I will respond quickly!
I am sure you are looking at foreclosures to get a good deal. They can be. Not knowing what property your looking at or what your planning to do with it I can't tell you if this one is or not. (and you didn't ask) My free advise to you is don't try and save money skipping inspections or any other thing that will inform you more about the property. Most will give you an inspection period. Now is not the time to get cheap only to find out later there are major issues.
On foreclosures that I have helped my clients buy in the past I have negotiated some repairs and closing cost. If they will pay closing cost that just saves you out of pocket cost. These were not auction properties. Good luck to you!
Steven and Johnie gave great answers. But there is alot more to story. HUD requires the buyer to order and pay for a survey, a new survey.(when financing) There are some money saving possibilities but they are not always available with regards to the survey.
Did you know that you can purchase a HUD foreclosure for as little down as $100? This could be a good or a bad thing. Foreclosures are not always a good deal, in fact the future home ownership costs are never considered or calulated from most agents. Why not? They don't have a proven home buying system to help you the home buyer save tens of thousands of dollars throughout the home buying process. Would it be prudent to avid making costly mistakes, that could result in 5 to 15% more money out of your pocket?
There is a system and a Brokerage that can do exactly this. The Maximum Choice Home Buying System is the only PROVEN PROCESS designed to help leverage the home buyers ability to save thousands and MaxAvenue is the only Brokerage authorized to provide you this solution. If you would like to learn more click the link below.