Fannie and Freddie Offers

Yeah, gov't props! I talked with my agent on this, and you can get away with a $500 em deposit. They say they might require 10% down payment for cash offers, but if they do, it's not due until closing anyway. Unless in the remarks it says to make the em deposit certifiable, I'm putting in offers. Because if you don't have $500 cashier check or postal money order they can deposit right off the bat on offer acceptance, kiss the offer goodbye. If you do, more power to you.

What were you looking for in particular?

Homepath is Fannie website. I just closed on a Fannie flip couple weeks ago. When checking website, each property when listed has a first look period. This is 15 days long and only for owner occupied. After that all bidders welcome. I did a $1,000.00 earnest money when offer was submitted. I would suggest having agent put in offer for you. You can put in offer yourself on website. You do have to hold property for 90 days before reselling.

Homestep is Freddie website. I believe they have first look period also. Website could give you more info. I have not bought a Freddie personally.

Hope this helps some,
Ryan

Ryan,

Did they require certifiable earnest $ upfront, or could the agent hold the em for you until you give them the green light if the property is a go? Or, does it depend on the agent? I guess the offer would have to be accepted, first. I know one of 'em has a 10% requirement on cash offers for a down payment on close of escrow. Thanks!

Dallas,

I always write earnest money check out to Remax for $1000.00. My agent works for them. No money changes hands unless I have an accepted offer and we go into contract. Then they write them a check on my behalf. If offer is not accepted, she gives me my check back. Now when i put offers in on hud, I have to have check made out to hud when offer is made.

Ryan

Home path also offers rehab loans for investors as well. Just look at the financing option tab or the for investors tab on their websites, and you can learn more about the requirements for their special financing. They can also help you find a lender. You will still need to be a qualified borrower, but it can give you more financing options for rehabs. The Home steps site does not give you these options.