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?"
Closing costs - Until the end of March, Fannie Mae is offering closing cost assistance. Otherwise, do not assume the seller will pay yours.
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.
NMLS # 6395
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.
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.
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???
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.
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.
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.
Keller Williams Integrity