Fannie Mae Homepath.com (negotiating, agent, price, contract)
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I think Fannie Mae requires you to have a buyers agent to put in the offer for you.
I have found them to be quite quick to respond if there's only 1 offer (less than a week, which is good for REO). Much slower to respond if there are multiiple offers (because they might be negotiating with a better offer while letting yours hold). Once you get to an agreement, they expect you to close within 30-45 days.
FYI, if you don't offer list price, FM will counter, even if you are close or right at market value. It takes a couple days each time you go back and forth.
I just wrote an offer on Friday for a REO home, they came back Monday (yesterday) and asked for highest and best offer. I offered them 97% of the list price, and they still came back with that.. There was another offer, but I heard that person didn't have a pre-approval letter..
I feel like Fannie Mae plays favorites..
All HomePath offers must go through a licensed agent. If you do not have your own agent, your offer will be sent to the listing agent who will contact you to write the contract. A local contract must be submitted with the offer.
You would be very wise to get your own agent that will make sure the offer you submit is written correctly and explains the contract and Fannie Mae Addendum to you. Your agent will also help guide you through the transaction, which can get tricky. There is more to buying a HomePath home than just price and closing date.
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