Fannie Mae Addendums
Fannie Mae Addendums
Thank you for your client’s interest in this Fannie Mae Property, please review this procedures form and call if you have any questions. Thank you!
Co-Op AGENT OFFER PROCEDURE (Please Read)
Our bank foreclosures sell, on average, in 90 days or less. They are priced competitively in the marketplace. It is not unusual to have more than one offer at the same time and you will be notified of a multiple offer situation.
Additionally, all Fannie Mae properties must be on the market for 3 days before offers are considered and is open to owner occupied for the first 15 days. Once the "First Look" days have expired, all offers will be accepted (ie. investor, non owner occupied, etc). You should verify what the current status of this property is first. To do so, please go to www.HomePath.com and search for the property of interest. It will be noted on the detail page if it is still in the "First Look" status and how many days are left. If you have question, please call me.
Before submitting an offer, if your buyer is financing the purchase, they MUST submit with the offer a valid pre-approval letter from their lender. Not just a pre-qualified letter. Your Buyer can obtain (does not have to) a pre-approval from Fannie Mae’s Affinity Lender PHH Express Path Mortgage in 20 minutes. PHH Express Path Financing’s Toll-Free Number is (866) 366-2736. Offers lacking a pre-approval will be considered incomplete and NOT presented to seller until received.
SELLER’S STANDARD ADDENDUM
All offers MUST include a GAR as well as Fannie Mae's Purchase and Sales Addendum.
EARNEST MONEY GUIDELINES
FINANCED SALE OFFERS
$500 - $1,000 – Homes priced under $100,000
$1,000 - $3,000 – Homes over $100,000 or more
10% of Sale/Offer Price
* The above are general guidelines but lender may specify differently.
Earnest money is non-refundable AFTER the 10 day inspection period. When submitting the offer you can include a COPY of a personal check. However, if the offer is accepted, ALL deposited Earnest Money checks must be in the form of certified funds and made out to Keller Williams Realty Lanier Partners. The only exemption from this would be in a case where the closing would occur with in 15 days or less. Then the Earnest Money should be made out to the closing attorney.
IF YOU DO NOT HAVE THE EARNEST MONEY IN YOUR HANDS, YOUR OFFER MUST INCLUDE IN THE SPECIAL STIPULATIONS THE FOLLOWING: "ALL PARTIES ACKNOWLEDGE AND ACCEPT THAT THE EARNEST MONEY, PER PARAGRAPH 4 OF THE GEORGIA PURCHASE AND SALES AGREEMENT. WILL BE PRESENTED TO THE LISTING OFFICE WITHIN 2 DAYS OF RECEIPT OF A FULLY EXECUTED CONTRACT." IF NOT, YOU ARE IN VIOLATION OF GEORGIA EARNEST MONEY LAWS.
The seller or 3rd party did not occupy the subject property. Therefore NO disclosure is provided. You DO have the right to an inspection.
All properties are sold “as-is.” If personal property such as refrigerators, washer/dryers, etc. are present in the house after the house has been trashed-out and/or repaired, they will remain, however, Fannie Mae will not sign a Personal Property Exhibit nor warrant the existence of any such items nor their usability.
Keep in mind, this property is owned by a bank. The Seller does not work on weekends or holidays, so any offers submitted on a weekend, or a holiday will be submitted the next business day. Typically offers are answered within a few hours during the week. However, the Seller can take up to 48 hours (2 business days to answer offers. If there are multiple offers, the answer time could take longer).
The Seller has not inspected the property for termites. It will be the Buyer’s responsibility to inspect the property for termites during the buyer’s inspection period to determine any active or prior infestations. The cost of that inspection will be the buyer’s responsibility. If the buyer’s lender requires buyer to have a clean termite letter dated 30 days or sooner from closing, the cost of that letter shall be the buyer’s.
The seller will not accept an offer with any Contingency.
Inspections can be done up to 10 days after verbal acceptance. Inspections are for “Informational Purposes Only.” Defects are only those items making the house unsafe or uninhabitable. The Seller only considers repairs if they are required by the lender, but the price of the repairs will be added to the sales price. Please make your offer accordingly!!
The Fauscett Team will disconnect utilities on the scheduled day of closing regardless of what time of day the sale is closed. It is your buyer’s responsibility to have any final walk-thru’s completed requiring utilities services and to have utilities transferred into their name by the original date of closing. If the closing is delayed because of buyer’s or buyer’s lender’s actions and utilities are disconnected, The Fauscett Team will have no responsibility to re-connect utilities.
If a property is winterized and buyer chooses to perform inspections on the property, buyer must notify Listing Agent at least 2 days prior to buyer’s inspection. We must order the de-winterization and it takes the contractors 48 hours to complete.
This property has been keyed to a Master Key system. Fannie Mae requires that this house be re-keyed at least one day prior to closing and that the cost of that service be paid by the Purchaser and deducted at closing. The typical cost to re-key is $150. Your purchaser will note a charge on the closing statement to cover the cost of re-keying the property. Call our office for location of the keys.
REAL ESTATE ADDENDUM
The Real Estate Addendum overrides the contract and any special stipulations in the contract. Please Read It Carefully!
OWNER OCCUPANCY CERTIFICATION
Only the Purchaser's that plan to live in the house need to sign this certificate as well as the selling agent. If the purchaser signing this certificate ownes other homes please let us know and send us the address of the other property.
Pick a reasonable closing date allows some time for countering (30 to 45 days out; however we can usually close cash deals within two weeks). The Seller's do not like to extend the closing dates. It is easier to make the closing date far out and close early than to request extension. Make sure you tell your lender that the closing package must arrive at the attorney’s office a minimum of 48 hours before closing.
If you are purchasing the property as an investment property (anything OTHER than a primary residence is considered investment to the seller) Please check #14 on the Real Estate Addendum. The Seller will not transfer the property to an investor without a deed restriction. The Deed restriction states that the Purchaser can not sell the property or obtain a security interest (get a loan) on the property for more that 120% of the purchase price for a period of 3 months. Please see #14 on the Real Estate Purchase Addendum for the complete verbiage.
Upon verbal acceptance, the acceptance WILL be conditioned on Management approval, Mortgage Insurance Company Approval and/or Quality Control Approval. Once you are notified by the listing agent of full approval(s) you will need to submit one clean copy of the purchase and sale agreement, addendum, and other forms needed with the AGREED UPON terms to the listing agent ASAP. Once we have a Verbal Acceptance – there is NO more negotiating. If there are any questions please contact the listing agent and discuss the issues.
OFFER PRESENTATION POLICY:
Note: Fannie Mae will not allow me to present any offers until all the BELOW items are complete. Thanks for your interest in the property and I look forward to working with you.
Fannie Mae negotiates verbally until acceptance.
If more than one offer is received on a property we will inform you via a “Multiple Offers Notification” Form.
OFFER SUBMISSION REQUIREMENTS::
(WE SUGGEST YOU PRINT THIS AND USE IT AS A CHECKLIST. TO PROTECT YOURSELF FULLY, YOU MIGHT ALSO HAVE YOUR BUYER(S) SIGN THIS ENTIRE INFORMATION TO KEEP IN YOUR FILE-IT WILL NOT BE PART OF THE CONTRACT)
All offers must include the following prior to presentation:
_____________* Contract Cover Form
-The buyer can select their own attorney. Put their information in the Buyer's attorney section. Leave the Closing attorney section blank. We will fill that out once it is returned to us.
-The Purchaser's name has to be exactly the way it will be on the title.
_____________* Completed Real Estate Purchase Agreement (GA Form)
-Earnest Money is to be made out to "Keller Williams Reatly Lanier Partners"
_____________* Completed “Fannie Mae Real Estate Purchase Addendum” initialed on each page and signed
-The Acknowledgement date is the date of verbal acceptance. For the offer you can leave this blank.
-Please DO NOT scratch through any items on the addendum. The terms are NON-NEGOTIABLE.
_____________* Copy of Earnest Money Check made payable to “Keller Williams Realty Lanier Partners.”
_____________* If your buyer is asking for the Seller to contribute any closing costs, Home Buyer warranty, repairs, other fees, etc. or has any contingencies/requests must be stated in paragraph 38 of the Fannie Mae Real Estate Purchase Addendum. You must use exact dollar amounts and the verbiage "up to a max of." For Example: "The Seller is to pay up to a max of $2000 towards the Buyer's closing costs."
_____________* Copy of Buyer’s Pre-Approval letter or Proof of Funds on Cash offers.
_____________* Fannie Mae Lead Based Paint (LBP) Disclosure even if the house was not build before 1978.
_____________* Owner Occupant Certification
UPON ACCEPTANCE: ALL ITEMS NOTED IN THE SPECIAL STIPULATIONS PAGE OF THE GAR CONTRACT IS YOUR RESPONSIBILITY TO VERIFY THAT THEY ARE INCORPORATED INTO THE FANNIE MAE REAL ESTATE PURCHASE ADDENDUM
Fannie Mae Contract Package- This is a form that you can type into and then print out for signatures. Fannie Mae will not accept digital signatures.
Email COMPLETE offer package to Becky Fauscett at email@example.com or fax it to 770-297-6416.
TIME LIMIT OF THE OFFER: PLEASE ALLOW 3 DAYS (IF YOUR OFFER IS SUBMITTED DURING THE WEEKEND, PLEASE ALLOW 5 DAYS)
Thank you and I look forward to a successful co-op with you.