Home Buying in 92345>Question Details

Deb, Home Buyer in Hesperia, CA

we are making an offer on a fannie mae repo home and they are requesting a zero day contingency, i have a approval from bofa ..yes or no?

Asked by Deb, Hesperia, CA Sat Feb 19, 2011

the approval from bofa is past the pre qualify pre approval, and my offer is contingent on appraisal meeting offer price...the house needs carpet & paint & we are putting 20% down going conv loan

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5
Don't do it. Only fools rush in where the brave fear to thread.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Mon Feb 21, 2011
Deb,

I sell over 100 REO's a year and I doubt that the seller is requesting that you waiver your contingency/inspection period. However, if they are I would not do it because there could be serious issues that you are not aware of. If the property is on septic and the system failes it will cost $3,300+ to repair/replace it. Did you ask the listing agent if they have completed any inspections like termite, septic...etc already?...that could help your decision.

Good luck!
0 votes Thank Flag Link Mon Feb 21, 2011
Hi Deb,

Never waive your contigencies, you at least a minimum of 7 days to do inspections. Always due inspections, you need to know what's going on. The banks never lived in the property you are interested in, the previous owners' never left a list of what is the present condition, what works and doesn't work.

Best regards,

Jes Sierra, B.Sc.
0 votes Thank Flag Link Sun Feb 20, 2011
Hi Deb, As the other broker mentioned the agents may be trying to make your offer stronger but don't ever test the waters. Banks are not trustworthy as we all know and you can never under estimate what they may pull. But if you have a true loan approval and have a 30-45 day escrow you should be fine. Otherwises sometimes the bank will require a per deim (like a $100 a day) until closing.
0 votes Thank Flag Link Sun Feb 20, 2011
I sell Fannie Mae Properties and know the Asset Manager and this is not likely being inplemented by Fannie Mae. Maybe the Selling Agent of Listing Agent is telling you to waive contigencies in order to get your offer accepted. My guess is they have a stronger offer, and the only way the bank will take your offer is if you waive your inspections to make your offer more appealing.
0 votes Thank Flag Link Sun Feb 20, 2011
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