Fannie Mae has a special P&S addendum they include in the acceptance of an offer....it has a lot of legal wiggle room...its basically gives them a pull out option if they feel there has been any breach of the contract....they are unscrupulous...don't be surprised at anything they do.... more
The 203k program has been around a long time. The issue has been finding lenders that handled the program. The loan program is more time consuming and limited lender either offer the program or wish to offer the program. Currently ,at least in the milwaukee area, the lenders that offer the program are the larger loan servicing companies. It is best to get preapproved by the lender before you make your offer. This way you understand the program and the amount your pre approved. The agents that should understand these loans are buyer agents that work in the foreclosure market.
First Weber Group
Crtified Distressed Property Expert
It is not uncommon for a bank forclosure to require the buyer to pay both sides (2%) of the Pa. transfer tax.
This should have been stated in MLS. However, even after the bank accepts your offer they will require the buyer to sign several addendums spelling out the banks terms for purchase. Your Realtor should examine and explain ea. addendum to you or have an attorney review. Sounds like Wells Fargo is the bank who holds title to the property. With so many Real Estate deals going bad they want to make sure that you are qualified to purchase the property. Again, make sure you read and understand every addendum as each banks is different.... more