One less quirk to buying a Fannie Mae foreclosure

Last fall, I whined about how hard it was to buy a foreclosed property from Fannie Mae. It’s still true that Fannie Mae is a tough seller and a pain to buy from.  (I have a Fannie Mae purchase now.  It’s been weeks, but there is no signed contract. Unfortunately, that’s “normal”… )
Now I have one less thing to complain about: Fannie Mae (in its infamous and incomprehensible “Addendum”) now agrees to will dewinterize the property after the contract is signed so that the buyer can inspect the property with all the utilities running. This is not exactly a breakthrough at the Paris Peace Talks or anything, but it sure helps.
Previously, the poor buyer had to have a plumber on hand when the property was dewinterized and, more often than not, leaks sprang from every corner of the house. It was a major misadventure just to get the utilities turned on to do an inspection.
Fannie Mae owns more than 50% of all mortgages and there are many foreclosed Fannie Mae homes on the market. This should make it a little easier for buyers to complete Fannie Mae buys without added aggravation.
Here’s the new clause for your reading pleasure:

Share and Enjoy:
  • Print
  • Digg
  • Facebook
  • Google Bookmarks
  • LinkedIn
  • StumbleUpon
  • Twitter
  • email
  • Netvibes
  • Posterous

Related posts:

  1. The Quirks of Buying a Fannie Mae Foreclosure
  2. Short sale vs. foreclosure
  3. So you want to buy a foreclosure?
  4. Mold is in the Air
  5. Condo mortgages tougher than ever