Homepath earnest money deposit

Is it standard practice to penalize cash buyers? What is the reason behind this? I really don't want to put down so much in earnest money because the addendum is so one sided and I stand to lose my earnest money if for some reason the house does not go to closing, even if it is not the buyer's fault.

Any idea why this is happening to me?

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Menu Icon Click to open Mobile Menu. Buy Rent Mortgage Sell Find an Agent For Professionals Local Scoop More Trulia Blogs All Trulia Neighborhood Guides Go Mobile with Trulia Advice Ask a Question Help Center For Professionals. Highest rated Recent Oldest. BevbunninglisHome Buyer, Boise, ID. Thu Jun 5, I am in the same situation. They have 14, earnest money from me and now are trying to penalize me each day I don't close even though the close date set by FM is not for two weeks.

Why are we all getting screwed here? Aaron MtuanwiAgent, Conyers, GA.

Tue Oct 19, That is why the open market is better than the Fannie Market. You are open to negotiations and not restrictions. HakumaHome Buyer, Cumming, GA. I wish to thank everyone for their helpful response and suggestion. I like to thank Hank in particular for the support and advice. Also, there seems to be plenty of foreclosures in Atlanta that do not disfavor cash buyers. This is a buyer's market, there seems to be enough fish in the sea, and I can live without this property.

Again, I appreciate all your helpful advice. James DudleyAgent, Suwanee, GA.

Foreclosure: Is it standard practice for Fannie Mae to ask 10% earnest money? - Trulia Voices

Mon Oct 18, I would proceed with caution. Extend your closing date so you don't have any unexpected issues. You can always close earlier than the contract date specified. Hank MillerAgent, Alpharetta, GA. I would strongly caution you to ride the closing office - many of them are notorious for last minute nonsense and despite lengthy closing dates, they still get delayed.

Read the fine print as well concerning the per diem penalty if closing is delayed - typically on you. Joanna, Thanks to the response. I don't know if you have the pleasure of reading Fannie Mae's unbelievably one sided addendum, if you did, I think you will agree with my concern. I am aware homepath earnest money deposit this is a foreclosure, and by buying a foreclosure, I am willing to buy it as is and is willing to abide with their addendum. However, in item 2b of the addendum, it said, "If the closing does not occur by the Expiration Date, or in any extension, the Agreement is automatically terminated and the Seller may RETAIN any earnest money deposit homepath earnest money deposit liquidated damages.

It has nothing to do with how serious I am to buy the house. Joanna MorrisAgent, Inverness, FL. Sun Oct 17, The bank and the asset managers set the terms not the agents.

Do the agents possibly make recommendations based on the market - of course. They are the eyes and ears for the the bank. Some buyers would easily walk away from a low down payment.

I agree that if you have the cash the downpayment should not be a problem. This is like the bank saying how serious are you? Also the recommendation of seeking legal advice is a very good one if you have concerns about the addendums. In Florida, we have an inspection period and the buyer can walk away for any reason within a specified period of time. Get with your agent and ask them to explain in detail your obligations, timelines and "outs" if you will.

Then it is decision time on your part. Mack - I wonder, just wonder, if the agents working the FNMA deals and Forex indicators tutorial themselves don't know what's going on? Nah, couldn't be the case - I know doing appraisals for them and trying to contact many of these knucklehead agents goes sooooooo smoothly I can't imagine issues or conflicting requirements!

This has been the practice on each Fannie Mae property that I have sold that was an all cash transaction. Sat Oct 16, I have one out now for K and we dropped 1K in EM. Hopefully you have an agent - and if you do they need to be spoken to because they're correlation in binary options is it legit covering your back.

If you don't have an agent and are going into this unrepresented I guess good luck! It is negotiable like anything in real estate.

Fannie Mae Q&A

You can counteroffer what you feel is fair earnest money, that and your proof of funds should be enough. However, be prepared if they counteroffer It helps if you're prepared to walk away from the deal. As mentioned before, there are plenty of properties to choose from. Hope this helps, and best of luck!

Fannie Mae REO – Inspection and Earnest money deposit

Its a sign of the times Hakuma. Its not necessarily fair, but REO's rarely concern themselves with being fair. You can refuse to pay this trust deposit and let your offer stand. If the REO company won't relent, then just walk away.

Plenty of more "fish in the sea". Keep in mind, your next REO transaction may require the same thing though. Well, I don't think it is fair to cash buyers. I had given them proof of funding which I think is enough to prove that I have the funds. Isn't that better than someone who got loan approval but may or may not eventually get the loan? I always thought that even if cash buyers are not treated better than buyers with loan, they should be treated as equal. Not just you Hakuma.

Not everyone is asking for it, but I'm seeing it more and more on cash offers. Yes, those addendums are very one sided. I would HIGHLY recommend you run the addendum by your counsel and make sure you aren't agreeing to things that would not be in your best interest.

Some REO companies are willing to make small adjustments to their contracts. Don't be afraid to ask!! Is it common practice for Fannie Mae to refuse to negotiate on a Homepath home if major not cosmetic problems are found at inspection? Ask our community a question. Real Estate in Lawrenceville. Foreclosure in Lawrenceville Zip Codes. Popular Categories in Lawrenceville. Moving Curb Appeal Financing Rental Basics Rentals For Rent Rent vs Buy Market Conditions Using Trulia Tech Tips How To District Of Columbia Real Estate.

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