Buying a Fannie Mae Property

I’ll be writing an offer for a Fannie Mae property today. Your client needs to know that Fannie Mae often prefers to have the contract on their own paper—on other words, they prefer the language in their contract over the language in the NVAR contract.  Additionally, Fannie Mae homes generally start with a good price. If the home doesn’t sell at that price Fannie Mae will lower the price. But they usually won’t bargain much off the price they have listed.  They usually put 3% for concessions into the price.

Patience is a virtue.
Always ask if there is a second mortgage!