Home Buying in Saint Paul>Question Details

Kris Gipple, Home Buyer in Minneapolis, MN

I'm looking at a house that is owned by Fanny Mae. Do I need a realtor?

Asked by Kris Gipple, Minneapolis, MN Mon Mar 10, 2014

This property is beyond Foreclosure.

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Answers

18
To offer on a Fannie Mae home, you must use a real estate progressional to submit an offer through http://www.homepath.com (Fannie Mae's website). If you click Make an Offer, it asks if you're a real estate professional or if you need one. The one it provides is the listing agent. It's always better to have your own representation. A listing agent is usually still going get paid the selling side commission if they bring in a buyer so it doesn't make a difference if you have representation or not.

I only represent buyers and have worked with foreclosures and short sales since becoming an agent in 2008. Let me know if you'd like my help.

Thanks!
Blake Hanson
Keller Williams Integrity
651.485.3635
blakeh@kw.com
1 vote Thank Flag Link Mon Mar 10, 2014
Kris,

Very simply.....ALL buyers should seek their own personal representation. To do anything else is to invite the potential for a "conflict of interest."

I'd be curious to know what you mean by "beyond foreclosure?"

Best wishes,

Bill
0 votes Thank Flag Link Tue Apr 1, 2014
Realtors are the people who answer your questions for free on this site so you don't need a Realtor. However Fanny Mae has all these rules and it makes their jobs easier if the offers come from Realtors . . so yes you need one but not this one.
0 votes Thank Flag Link Tue Apr 1, 2014
No but you should use one to protect yourself. http://www.mnlakeplace.com/contract-for-deed-1
0 votes Thank Flag Link Fri Mar 14, 2014
Good Advice!
Flag Wed Apr 23, 2014
Don't ask realtors if you need a realtor - they will always say yes. However if you want to submit an offer on a Fanny Mae home, they require it to be done through a realtor. We are currently negotiating with Fanny Mae ourselves.

Closing costs - Until the end of March, Fannie Mae is offering closing cost assistance. Otherwise, do not assume the seller will pay yours.
0 votes Thank Flag Link Thu Mar 13, 2014
Everyone needs and should have a realtor when buying a home. In Minnesota, buyers receive free representation by realtors because the commission is almost always paid for by the seller. This gives you someone to help you walk through the process of home inspections, financing, appraisals, and getting you to closing. Savvy buyers almost always have their own real estate agent working on their behalf. There is no reason that everyone should not be savvy when purchasing a home!
0 votes Thank Flag Link Tue Mar 11, 2014
Yes you do I would be happy to help
0 votes Thank Flag Link Tue Mar 11, 2014
Lots of great information here, as you can see the general consensus is that having a Realtor represent you is recommended. Thats not because we are all Realtors but rather we know what we bring to the table in terms of knowledge and experience. Wouldn't you want a professional to help you negotiate? Someone how knows the market and can help advise you with that particular house. Its great having us in your corner and I think if you decide to work with a Realtor you will agree.
0 votes Thank Flag Link Tue Mar 11, 2014
Kris- I think what everyone is trying to say is that while maybe you don't technically need to choose your own realtor, there is really no reason why you wouldn't. The seller will pay your agent's commission and your agent will negotiate the best possible price. It won't cost you to pick someone to represent you and your agent will likely save you money. Buying a home is one of the biggest investments you will make so of course you will want a professional. Also, an agent is more than just someone to fill out paperwork; they will most likely remain a resource to you after you close on your house.
0 votes Thank Flag Link Tue Mar 11, 2014
Kris,
It will help you a lot and they seller will pay your realtors commission. The only thing you might be have to pay the is the agent's broker admin fee. You want to pick someone who has experience with Fanny Mae sales. I've done may Fannie Mae deals. There are many nuances from a traditional sale. Having an experienced Realtor help the process go smooth and not turn into a nightmare. The 1st thing you will want to do is make sure your financing will allow you to purchase a foreclosure. This will depend on what kind of condition the property is in.

Call or email to talk more.

Chase Lenz
chase@sp-realestate.com
612-819-4474
0 votes Thank Flag Link Tue Mar 11, 2014
Absolutely, especially in that case,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue Mar 11, 2014
You do. In oder to put an offer on a Fannie Mae property a licensed real estate agent has to be registered with FM and enter the offer on-line.
0 votes Thank Flag Link Tue Mar 11, 2014
You don't NEED a Realtor. I would recommend that you have one though because they can help you with the process and you don't pay them anything.
0 votes Thank Flag Link Tue Mar 11, 2014
Blake's answer is straightforward while the other's are just sales pitches. Fannie Mai, along with just about every REO lender, will require you to use a Realtor in order to complete the transaction. This is not optional and you will need to be represented.

You will need a Realtor to even see the house, so if you are looking check out our profiles here on Trulia. Focus on the agents with testimonials and see what Realtor fits you the best Kris.

Good Luck!

Christopher Block
651-307-7663
chrisblock@thebridgerealty.com
0 votes Thank Flag Link Tue Mar 11, 2014
Hi, Kris!
I would suggest that having your own agent is ALWAYS a good idea, whether or not you're purchasing a Fannie Mae house. Until I became a real estate agent, I didn't realize all of the legal liability involved in purchasing a property. AND, I didn't realize the HUGE potential for things to go wrong. Whether the seller is a person or a bank, there are required procedures that must be followed. If you, the BUYER, don't have anyone representing you, how are you going to know if all of the procedures have been followed correctly??

The good news is, having your own agent rarely costs YOU anything out of pocket, (except maybe a small brokerage fee). And, depending on your loan, you may be able to request the closing costs be paid as part of the transaction.

So, the answer is YES YES YES, it's not just required by Fannie for your offer to be submitted a certain way, BUT it protects YOU to have an agent. I tell my clients this all time when they're deciding if they want to have an agent or do it themselves, "It's not a problem, until it IS! And, when it IS, then what are you going to do??" It's a matter of risk management. Why risk it???
0 votes Thank Flag Link Tue Mar 11, 2014
Hi Kris,

These are all great answers. Navigating the purchase of a Fannie Mae property is just as daunting as getting financing through Fannie Mae...and you wouldn't do that without a lender to guide you. So get a qualified and experienced Realtor to assist you. In this market, there are many homes that get multiple offers. Having a good Realtor can be te difference between getting the house or losin it to a competing offer. I'll be in Minneapolis today showing homes if you'd like to meet. My Minneapolis branch office is right on Lyndale and 53rd. Call me at 952-451-2900 if you'd like my help.
0 votes Thank Flag Link Tue Mar 11, 2014
As a Chicago Realtor, I have a network of qualified realtors that can help you in the Minneapolis area. I would be happy to give you an honest recommendation of a qualified and experienced realtor.

Fannie Mae offers certain incentives depending on what kind of buyer you are. Working with a qualified realtor can make sure your offer is written correctly and that you get an offered incentives available to you.

Feel free to shoot me an email if you'd like to talk.

Jeff.Nobleza@BairdWarner.com
0 votes Thank Flag Link Mon Mar 10, 2014
You are 100% better off having your own Realtor representation as long as that Realtor is good, honest, experienced and available. In my experience with Fannie Mae properties having an agent that has worked with Fannie Mae in the past is going to be very helpful. I'd love to chat with you further on this as I have worked with Fannie Mae for 8 years. All of my information is in my profile and can also be found on my websites.
0 votes Thank Flag Link Mon Mar 10, 2014
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