Because most Buyers don't like surprises, I want you to be completely aware that IF your offer is accepted by FNMA, your entire offer as written (on TREC form "One to Four Family Residential Contract") will be thrown out the window. That is, FNMA will require that the purchase be on their terms and that Buyer accept and sign their form ("Real Estate Purchase Addendum") which supersedes the first. An agent experienced in FNMA REO's can provide you with a draft copy of this Addendum so that you can prepare for and understand the terms of the sale.
When approaching a distressed property my best advice is to always seek the help of an experienced, licensed agent/advocate, be brave and be smart!
Best of luck to you!
Real Estate Brenda
I hope this answer your concerns.
In most cases, Cash offers for Fannie Mae Homes require a 10% down payment along with proof-of-funds letter/statement from your bank.
Once the contract has been accepted by both parties there is a "X"-day Right-to-Inspect / Right-to Cancel clause which allows you to cancel the contract if an inspection is not satisfactory. The usual time is somewhere around 7 to 10 days. In the event you cancel during the period you receive your escrow deposit back.
Make sure you are using an experienced agent to ensure your best interests are being represented to the fullest. Good luck on your purchase.
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
'as is' and the seller will not repair or negotiate repairs. Also, if it is an all cash deal, you will need to provide proof of funds to the seller. Good Luck
If I understand your question, your agent has requested you put down 10% as earnest money? I would ask your agent who is requiring this amount of money as earnest money & why. 17 yrs in the business I have never seen anyone requiring 10% earnest money. I would really question this.