Fannie re-key fees
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?
Most Popular Reply
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... :)