Tips On Buying Fannie Mae Homes

Some home buyers prefer Fannie Mae homes over other types of foreclosed properties due to a perception of security and, of course, low prices

. When it comes to buying foreclosed homes, it does not matter whether it is from Fannie Mae or from a bank or a government foreclosure. As long as the buyer knows what should be done, he can get a good deal and a quality residential property.

Getting Started on Foreclosure Buying

Foreclosed properties sold by the government-sponsored enterprise follow the same procedure as other foreclosure sales. For home buyers interested in such properties, finding a realtor familiar with Fannie Mae properties is a must. Although the procedure is the same, there are certain steps that a home buyer should take that are exclusive to Fannie Mae residences. Having a real estate agent who knows how to close such a deal will go a long way towards saving time and money.

Preparing Earnest Fee and Avoiding Extra Costs

When buying Fannie Mae homes, a buyer is usually required to provide an earnest fee which could be 10% of the purchase price or could be a set amount of $1,000. Needless to say, a home buyer who fails to close the deal will not recover this down payment or earnest fee. This is required to ensure that buyers are not just wasting sellers and everyone else's time by making an offer that they are not serious about.

Buyers should also make sure that they close the deal at the pre-determined time. In most cases, a 90-day period is given to the buyer to complete the payment and paperwork and take over the ownership of the property. For every day beyond the 90-day period that a home buyer fails to close the deal, he will be charged with per diem fees which, in most cases, is $100 for each late day.

When buying Fannie Mae homes, a buyer should be sure that it is really what he wants and must not make an offer unless he is sure he can afford the full purchase price. Hiring a real estate agent will be a good idea to determine whether the dwelling fits the buyer's needs.

by: Joseph B. Smith

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