Fannie Mae Foreclosures: Making a Good Offer

by Donald Hanz on Foreclosures

Buyers have to make an offer for Fannie Mae foreclosures that is good enough to catch the company’s attention. Purchasing a house and putting your money in foreclosed homes is without a doubt a big decision that is the result of perseverance and hard work. You would not want all the work to go down the drain because of a poor offer. Here are some of the ways to make sure you get the home that you want.

Touch Base with a Licensed Realtor

When buying Fannie Mae foreclosures the aid of a licensed realtor is a big boost. An agent will aid you in making a sound assessment of your situation as a buyer and will offer insights regarding the important matters to be considered. Agents can dig up information such as the length of time a property has been sitting in the market as well as its physical condition.

Agents can also educate you on market trends and developments and tell you if you have competition for the property you are eyeing. Having competitors mean that you may face a tough time negotiating for the particular FNMA foreclosure you want. Your agent can tell you the most opportune time to make your offer.

The Importance of a Complete Set of Documents

Fannie Mae will pass up offers that have missing documents. You can easily get a list of requirements for making an offer so make sure you have covered every item on that list. Fannie Mae likewise requires a written offer that includes pertinent information including the standard contract, earnest money, a Fannie Mae Real Estate Purchase Addedum and a number of other financial documents supporting your capability of purchasing a home.

When your offer is accepted you have ten days to inspect the property. As in any foreclosure, Fannie Mae foreclosures are sold as is and the advice of a professional home inspector is vital to determining the viability of the property.

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