No, Fannie Mae will not accept offers contingent on the sale of your current home. Will Fannie Mae accept an offer contingent on the sale of my house? You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract. Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?
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If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you. What type of sales contract does Fannie Mae use?įannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. We encourage you to have the property inspected by a professional before you buy. However, we may not have been informed by the previous owner of all hazards. If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. Hiring a home inspector is a recommended practice, no matter what type of home you buy. You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Where a home warranty is available, you may wish to buy it at your own expense. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.Įven if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.įannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Has Fannie Mae fixed everything in the house?įannie Mae may make some repairs to properties to increase their marketability however, the buyer should be aware that other repairs may be needed. When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture. Usually, when you buy a home, you deal with a seller who lives in the home. How is buying a home owned or managed by Fannie Mae different from other home purchases? Many of these homes are relatively new however, older homes are offered in some areas. The number, types and the sales prices of the homes that are offered for sale may vary substantially. There is a wide selection of homes, including single-family homes, condominiums, and town houses-located in a variety of neighborhoods. What kinds of properties are available in the Fannie Mae HomePath database?įannie Mae’s HomePath database includes only properties that are owned by Fannie Mae. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community. Why does Fannie Mae have properties for sale?įannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure however, sometimes it is unavoidable. To obtain information on preventing foreclosures click here What additional home buying resources are available?įor additional resources about the home buying process click here. Where can I find information on foreclosure prevention? To obtain general information on purchasing a home click here. To learn more about Fannie Mae homes, click here Where can I find home buying tips?
If you still have questions, please email our support mailbox at How can I learn more about Fannie Mae homes? Please click here to access our help materials including webinars, job aides, and FAQs. To search homes go to this link: Where can I get help on the HomePath Online Offers Program?
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