Fannie re-key fees

[Mark Yuschak]

I've been buying some Fannie inventory and I keep getting stung with the re-key fee. I've tried putting it on my original PA that I won't pay a re-key fee. That portion of my PA gets rejected. Their addendums call for it to be done at the buyer's expense.

As of Friday's closing, the re-key fee was $150. It's such a rip-off. Their 3rd party uses the worst lock sets and do a shotty install. Not to mention, I never use Defiant locks in my rehabs since they're tacky and cheap.

Is anyone else getting hit with these ridiculous fees?

[J Scott]

Yup, every time...and yes, they are at $150 these days (at least in my experience)...

I understand the need to rekey, as FNMA uses the same keys for large batches of properties, so giving you a key would essentially allow you into many other FNMA properties (and allow other buyers into your property if they swipe a key).

But, the $150 is ridiculous. I'd rather they just pull the locks out and leave them that way for me to rekey (actually replace) myself... :)