And they remind you that you are buying the home “as is” with no opportunity to have it inspected to see if it is a nightmare with all kinds of hidden problems. When you contact them or your Realtor asks what happened to it, they tell you that they don’t allow you to have a home inspection. You will have to pour through almost three dozen pages of tiny print to figure out that your home inspection addendum is missing. Second, you think you are going to be able to have the standard home inspection when you buy a foreclosure through Homepath, and even though you included a home inspection addendum with your offer and they tell you your offer has been accepted, they take out the home inspection addendum and throw it away without telling you. We don’t have time to go through their 23 page addendum, but believe me, it looks nothing like the offer you wanted to make, and the terms are nothing less than dictatorial. In other words, they tell you they accept your offer (once you’ve reached an agreement on price), but they really have not, because they shove an addendum down your throat that changes the terms of the transaction. While that sounds like an innocuous clause, their addendum restates all the important terms in the agreement. Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is subject to all the terms and conditions set forth in the Real Estate Purchase Addendum. They use a stamp on the front of your offer, and here’s what it says: When you submit an offer with the standard paperwork as required by their Homepath site, you eventually find out that they throw out almost all the important language in your offer. So what do you need to know in 500 words or less about a Fannie Mae Foreclosure and their Homepath system?įirst, making an offer and negotiating on a Fannie Mae foreclosure is not going to feel like any other real estate transaction you’ve ever experienced. If you can sidestep a nightmare, then I’ve done my job, and your life will be better for it. But if you’re a regular reader of this real estate blog, you know that I take the experience of thousands of other buyers and a lifetime of experience myself, and I share those experiences with you so you won’t have to learn the hard way. Have you spotted a Fannie Mae foreclosure in the MLS that looks like it could be “the one”? Buying a foreclosure from Fannie Mae through their Homepath website is a Buyer Beware nightmare. The New World of Marketing for Real Estate Agents.Real Estate From Bricks & Mortar to High Tech Virtuality.Escaping California to The San Juan Islands.Buying & Selling Real Estate in The Rain Shadow.Sequim Real Estate: A Buyer’s Guide (Paperback).
Sequim Real Estate for Buyers (Free eBook Updates Forever).
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