All Forum Posts by: Brien OConnor

Update. FNMA came back at $93K and we accepted. ISSUES- we had to resign several docs because we used middle initials or we didn't initial pages correctly. Govt BS. However we did not have to put 10% down as discussed above. So overall it was a pretty easy deal. We are now waiting on the inspection. Last time in the house I noted old wiring. So I figure we'll have that added expense. I'll meet with my contractor after the inspection and we will go from there.

Still haven't seen a signed contract.  However, yesterday FNMA required us to have a new Loan Approval Letter from our bank which removed the MIDDLE INITIALS (really??) from our names!  

We hope to have a signed contract back today.  Still nothing about the EM deposit.  We'll see.

Thanks Chris.  I agree.  I'm still anticipating FNMA to come back and say increase my EM.  We'll see.  

Thanks for response Shannon K.  

UPDATE - we offered $80K on Fannie Mae's $99,999.  They responded that there were multiple offers and we need to offer our best shot.  We came back at $90K.  They countered at $93K and we accepted.  

As of today (we haven't seen a signed contract by them yet) we only had to place $1,000 down.  From what I've read and you said, that's odd.  But they may come back and ask for more.

I've scheduled for an inspection.  I know that they sell "As Is", but I need to know what I'm really looking at.  

But so far, it hasn't been too much of a hassle.

Thanks for your responses!

We've purchased one home as an investment so far.  But now, I have placed an offer on another home in Central TX owned by Fannie Mae.  I've read some posts from other who have dealt with FM but they were 3+ years ago.  Can anyone give me updates on:

1.  I offered 20% less than listed.  But they recently came down $14K.  Is this too low?

2.  We provided a $1,000 EM deposit.  I've read that they require 10% - but again that was 3 years ago.

3.  Are they easier or more difficult to deal with in 2016?

4.  Does FM provide any additional incentives?  Closing costs? I know they sell "As Is". 

I think that does it for now.  Any advice would be appreciated.