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Does that mean I don't have to pay for transfer taxes. I did not negotiate the transfer/recording fees with the seller...I just asked for a flat 3% to go towards closing
If the charges fit within the agreed upon seller credit, the seller credit can pay for them. I am helping someone with a Fannie Mae owned home now, and in their (Fannie Mae's) counter offer it says "Seller to pay for Real Property Transfer Tax and their own customary closing costs". However on a previous transaction the buyer was responsible for the transfer tax. Best advice is to consult with your real estate agent who helped you with the purchase contract.
You can get more than 3 percent as long as you close before June 30th.
HomePath - Special Offers (http://www.fanniemae.com/homepath/incentive/index.jhtml - broken link)
Well I asked for a 4k on a 118,700 roughly 3.5%. I was in a multiple offer situation and wanted to place a competitive offer. I wasn't sure if the incentive plan in addition to the 4k concession was going to make my offer less attractive.
It'll make your offer less attractive. Helping a buyer buy a Fannie Mae REO in Las Vegas now and they weren't going to ask for the 3.5% help that Fannie Mae was offering, but since it was being offered asked for it anyway. Thought it was a done deal until the listing agent said that Fannie Mae has to approve the 3.5% credit and if they don't they'd just go to the next buyer who wasn't asking for the credit, so buyers changed their offer not to ask for it and are getting their offer accepted.
Thought it was a done deal until the listing agent said that Fannie Mae has to approve the 3.5% credit
Any idea how long it can take to get approved from Fannie Mae? We're still waiting for the seller to sign the contract and plan on closing June 23rd. Do you think we'll be alright?
Thought it was a done deal until the listing agent said that Fannie Mae has to approve the 3.5% credit
Any idea how long it can take to get approved from Fannie Mae? We're still waiting for the seller to sign the contract and plan on closing June 23rd. Do you think we'll be alright?
Just to give you an idea of the time line YMMV. Like Shane's clients, I had to wait a little over a week for the offer to get accepted. I had to also wait another week for a lower negotiated price approval after a low appraisal.
Yikes. How long did it take for the mortgage company to complete the loan, counting from when you gave them the signed contract?
I was hounding my LO to, in turn, hound the underwriter. It took a week for both the appraisal and underwriting simultaneously. to sum it all up. A week or so to accept my original offer. 4 days for a highly sought after inspector. 1 week for appraisal and underwriting (during the tax credit hike). 1 week for FM to accept my renegotiated offer. I will be getting an update on my file today. I'm closing (hopefully) on the 28th. You just need to be on top of your LO to push your file through UW. It's also possible for your LO to ask the lender to push the AMC or the independent appraiser for an appraisal report.
I like the way appraisals are ordered. It suited me quite well to have a low appraisal. It's something worth considering when you are going FHA...and are in a multiple offer situation.
Hope this helps
One more thing. Stay on top of your agent to harass the listing agent and AM. My agent was a pit bull, and still had to wait an entire week.
Last edited by 2nsian; 05-24-2010 at 06:28 AM..
Reason: one more cent
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