what closing costs are fannie mae exempt from?
I just received a counter offer from a Fannie Mae owned property stating :IT IS TO BE NOTED CLEARLY AND IN WRITING TO THE BUYER PRIOR TO THEIR FINAL ACCEPTANCE THAT THE SELLER FANNIE MAE IS EXEMPT FROM PAYING THE NORMAL AND TYPICAL SELLER’S CLOSING COSTS. Does anybody know what these fees are?
Hi Etelle,
You need to contact your buyer's agent Realtor or the seller's agent if you don't have your own independent agent or a real estate attorney for assistance. These fees you mention vary depending on the transaction, purchase price, title/escrow company, etc.
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PAUL WELDEN
HomeSmart
480-241-0081
Buyer's Agent Realtor
Please consult your real estate attorney.
I have had a couple of Fannie Mae transactions. The big "surprise" or "shock" at closing was that Fannie Mae is not going to pay their Seller Title Fees aka "NORMAL AND TYPICAL SELLER'S CLOSING COSTS". In order to counter this with my buyers, I have asked for additional closing costs to cover these fees. The amount of the fees very ask a Title/Escrow company to get a general idea.
Basically the buyer is going to be responsible for all fees and closing costs.
I hope this helps.
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