How To Make An Offer For Fannie Mae Foreclosures

In foreclosure investing, finding the right Fannie Mae property is only half the task

. The crucial step is making sure that you get what you want by submitting offers that are capable of grabbing the serious attention of Fannie Mae. Buying a house and investing in foreclosures is undoubtedly a huge decision that entails a lot of hard work and perseverance. Surely, you do not want all those work wasted because of a misstep in submitting an offer. Read on to learn how to properly make an offer for Fannie Mae foreclosures and ensure that you get the exact property that you want.Talk To A Real Estate AgentIf you are buying foreclosures from Fannie Mae, you should talk to a professional real estate agent. This agent will help you assess your buying situation and gives you helpful insights on the important factors that you need to consider. An agent will necessarily inquire into the length of time that a certain property has spent on the market and its current condition.He can also acquaint you with the current market conditions as when several buyers are interested in the same property as you are. This is important because when a property attracts a lot of prospective buyers, negotiation can be more difficult and in some instances, can drive the market prices up. Fannie Mae normally does not accept offers for a property until such has been listed for at least 3 days. Your agent can help you find the most favorable time to put in your offer.Submit Complete DocumentsAs a rule, offers for Fannie Mae foreclosures will not be accepted for review if it is incomplete or if there is a missing detail in your offer. Your agent should be able to tell you which documents are important and what attachments are needed to complete your offer. Of course, your offer must be written and should include every required information such as a complete standard or local contract, a Fannie Mae Real Estate Purchase Addendum, an earnest money, and such other financial documents that could serve as your proof of funds such as a preapproval letter.Once your offer has been approved, Fannie Mae will provide you a 10-day inspection period when you can inspect the property and see for yourself its current state. The 10-day period starts from the day Fannie Mae verbally agreed to your offer which you can confirm on the purchase addendum. It is highly advisable that you hire a professional property assessor to see the needed repairs and submit to you a written cost estimate.The next steps up to the closing date will depend on several other factors. The important thing is you now know how to submit offers for Fannie Mae foreclosures. Combined with the right attitude, these tips can ensure your success in buying Fannie Mae properties.

by: Joseph B. Smith

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