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Fannie Mae HomePath

WHAT IS HOMEPATH?


HomePath is the branding used for all Fannie Mae-owned properties — anytime you see something labeled "HomePath", it has to do with the sale of our Fannie Mae-owned properties.

WHAT KINDS OF FANNIE MAE PROPERTIES ARE AVAILABLE?


Our Coldwell Banker RS West Real Estate office will give you access to every available property owned by Fannie Mae. Foreclosed properties can represent a great opportunity for first-time buyers, move-up buyers, those looking for a second or vacation home or those looking for an investment opportunity.
There is a wide selection of homes in neighborhoods across the country — from single-family homes to condominiums and town houses. Keep in mind, the number, type and sales price of homes may vary substantially by market as well as the condition of the home. Many are move-in ready, while some may require light repairs or more extensive renovations.


HOW IS BUYING A HOME OWNED BY FANNIE MAE DIFFERNET FROM OTHER HOME PURCHASES?


Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed-in-lieu of foreclosure, or forfeiture.
When buying a Fannie Mae-owned home, you should know the condition of the property, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

HAS FANNIE MAE FIXED EVERYTHING IN THE HOUSE?


Fannie Mae may make some repairs to increase the home's marketability but other repairs may be needed. Fannie Mae sells each property in "as is" condition, which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement.

Keep in mind, even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn't mean everything in the house is new, or even works. Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.


WHERE CAN I FIND HOME BUYING TIPS?


View the Coldwell Banker RS West Buyer's Guide for more information about buying a Fannie Mae-owned home. This guide will help you and your Coldwell Banker Sales Associate to assist in your financing package, how to make an offer, and what you need to know when purchasing a HomePath home.


WHAT CAN YOU TELL ME ABOUT THIS HOUSE?


If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.


WHAT TYPE OF SALES CONTRACT DOES FANNIE MAE USE?


Fannie Mae uses the Utah specific real estate purchase contract and a real estate purchase addendum for all properties sold within Utah. If there is anything in the document you don't understand or aren't comfortable with, you may want to contact a real estate attorney, the real estate sales professional who listed the property, or any real estate professional of your choice to review these documents with you.


DO I HAVE TO USE FANNIE MAE'S SELECTED TITLE, SETTLEMENT OR ESCROW COMPANIES?


No, you may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.


WILL FANNIE MAE ACCEPT AN OFFER CONTINGENT UPON THE SALE OF MY CURRENT HOUSE?


No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.


DOES FANNIE MAE REQUIRE A PRE-APPROVAL BEFORE WRITTING AN OFFER?


Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Pre qualification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.

A loan pre qualification doesn't mean your loan is approved. You must apply for a loan separately, after you are pre qualified and your purchase offer is accepted.

You may obtain a loan prequalification or a loan pre-approval at the lender of your choice. To take advantage of our special financing, we encourage you to work with a Home Path-approved lender.

The following companies are approved HomePath lenders in Uintah and Duchesne Counties:

Guild Mortgage:  435-789-7705
Mountain America Credit Union Vernal:  435-789-6436
Mountain America Credit Union Roosevelt: 435-722-1590


DOES FANNIE MAE PROVIDE SPECIAL FINANCING?


Special financing is available on many properties through HomePath Mortgage and HomePath Renovation Mortgage. Ask your lender if he or she is an approved HomePath lender.


CAN I BUY A HOME DIRECTLY FROM FANNIE MAE WITHOUT USING A REALTOR?


No, Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.


WHAT HAPPENS IF FANNIE MAE GETS MORE THAN ONE OFFER?

All interested parties may be asked to submit their best offer in writing though the listing agent by a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.

Want more information?  Download our free Coldwell Banker RS West Real Estate Foreclosure Guide:
Click here to download the HomePath buyer’s guide.

 

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RS WEST REAL ESTATE

Vernal Office: 435.789.7555
Roosevelt Office: 435.722.3533

1340 West Highway 40
Vernal, Utah 84078

 



 


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