May work with any real estate sales professional Only through our real estate listing agents. Real estate sales professionals and accepts offers Fannie Mae depends on the expertise of local Provide information regarding the availability May be available on certain Fannie Mae-owned Q Does Fannie Mae provide special Sometimes. It need not be the lender who provided your Separately, after you are prequalified and yourįannie Mae may require that a Fannie Maeapproved Remember, a loan prequalification doesn't mean Third, the lender will verify your income through Payments by reviewing your credit report. Lender will judge your ability to make house What's involved when you, and your copurchaserįirst, the lender will verify if you have sufficientįunds for the down payment and closing costs byĬhecking your bank statements. That also helps you focus on homes in a price Of a mortgage you may be able to qualif y for,īefore you actually make an offer on a home. How much house you can afford, and how much Sales transaction, including obtaining financing Prospective buyer, will be able to complete the Q Why does Fannie Mae require a lender's Fannie Mae wants to be sure that you, as a Other types ofĬontingencies will be considered on a case-bycase Fannie Mae will not accept offers contingent You, as aīuyer, may designate use of the title or escrowĬompany of your choice, subject to the terms The use of Fannie Mae selected title andĮscrow companies is not required. Q Do I have to use Fannie Mae's selected No. Real estate professional of your choice to review Professional who has listed the property, or any Or aren't comfortable with, you may want toĬontact a real estate attorney, the real estate sales If there isĪnything in the document you don't understand, Process, Fannie Mae uses a combined real estateĭocument for California properties. In order to increase the efficiency of the sales Set of documents called escrow documents. Is accepted, you open escrow through a second Q What type of sales contract does Usually, when you buy a California home, you You to make your own home inspection of the We own or market, we disclose this information Mae has knowledge of any hazards on properties Never lived in the house, and don't necessarily Inspector is a good practice, no matter whatįoreclosure, deed in lieu of foreclosure, orįorfeiture are exempt from completing a transferĭisclosure statement. To inspect the condition of the property whether You should certainly hire a qualified professional Home or pursuant to conditions in the purchaseĬontract.
Whether made as part of its efforts to sell the Work that may have been done on the property.
Property in its condition at the close of escrow.įannie Mae is not responsible for fixing anyįannie Mae does not warrant or guarantee any Sells each property in an "as is" condition. Properties to increase their marketability.Īdditionally, there may be certain safetyĬonditions that require repairs. Siding, that doesn't mean everything in the
Even if the house has fresh paint,īrand new carpet, perhaps even a new roof or Q Has Fannie Mae fixed everything in Probably not. Processes before you enter into a purchase and Steps in the loan qualification and closing Property, the cost of any needed repairs, and When buying a corporate-owned home, it is Properties through foreclosure, or deed in lieu Transitional owners only, having acquired these Fannie Mae has put together a list of general questions and answers that will help buyers to understand the main difference between the two transactions.Ī Usually, when you buy a home, you deal with a Purchasing a bank owned foreclosure is a lot different than purchasing a home from a homeowner.
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