OfflineI called her on February 13th and everything was just fine. We had a wonderful conversation. Being me, I said something funny to make her laugh and she told me to call her tomorrow. She is extremely sharp, funny, lively, and witty just the way I like them. I barely could wait to speak with her again tomorrow; maybe the Big Question would get popped.
Like clockwork I called her February 14th the big day. I could feel the presence of the Big Question looming around in the air while feeling the pressure trying to avoid the Big Question. It was clear I was uncertain and needed another day or two to think things over, time that I didn’t have. At some point she got tired of me talking in circles like The Riddler from Batman, so she popped the Big Question.
“Bennie are you going to proceed with this one?” I responded with a dumbfound unprofessional “Huh?” She replied, “You know your inspection period ends Sunday and today is Friday, now would be the time to let me know if you need to withdraw from the agreement don’t wait until the last minute.” She continued, “Do you want me to email you the Release Agreement so you can get your Earnest Money Deposit back?” I replied in a reluctant soft voice “Yes Peggy, please email me the Termination Notice so I can sign it”
Peggy is the administrator assistant for the Listing Agent that represents the Fannie Mae Seller. I won a bid last week on a Fannie Mae property, and got the ratified contract. I contacted my primary hard money lender who has tightened his criteria due to a few bad loans he has made. He told me the property didn’t qualify due to his new property criteria. I contacted my secondary lender and he is out the country. Neither one of these lenders requires me to put up any collateral or bring money to closing. They refund my EMD at closing and sometimes I get money back to start the rehab, needless to say I’m spoiled by them. However this deal wasn’t contingent financing, I have other financing options but can’t act as fast as my first two.
Sometimes the seller will require you to submit your inspection reports to them under the Property Inspection Contingency Addendum on some state forms as they want to see the documentation of why you are not proceeding as agreeded. However, in this case I simply stated the fact that the “Grading of the property was not satisfactory to me as it would cause problems when it rains and It is not in the budget to correct such an issue.”
Attached or below is a copy of the Termination Notice from Fannie Mae that must be filled out. ( for the people that have never seen one)
Back to the Lab for me.
Sincerely,
Broken Hearted Bennie
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
I thought at first you had mistakenly posted an article you were submitting to Cosmo or Harlequin Romance.
Very clever!
Karen
"You're never too old to be what you were meant to be!"
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Like the way you spun that!
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I thought I had this one wrapped up. My primary lender dropped the bomb on me when he told me his criteria had changed and that property didn’t meet his criteria anymore.
I have to get a spring rehab going soon. Spring is only 23 days away !
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
I wish it had no spun to it, I wanted that house lol
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
Lol, man! I thought it was a great entrance.
One question for you. Did they require you to pay 10% earnest money for your cash offer,or was it a "financed" offer you put in, and only had to do $1k emd bc it was a fannie mae property?
Like clockwork I called her February 14th the big day. I could feel the presence of the Big Question looming around in the air while feeling the pressure trying to avoid the Big Question. It was clear I was uncertain and needed another day or two to think things over, time that I didn’t have. At some point she got tired of me talking in circles like The Riddler from Batman, so she popped the Big Question.
“Bennie are you going to proceed with this one?” I responded with a dumbfound unprofessional “Huh?” She replied, “You know your inspection period ends Sunday and today is Friday, now would be the time to let me know if you need to withdraw from the agreement don’t wait until the last minute.” She continued, “Do you want me to email you the Release Agreement so you can get your Earnest Money Deposit back?” I replied in a reluctant soft voice “Yes Peggy, please email me the Termination Notice so I can sign it”
Peggy is the administrator assistant for the Listing Agent that represents the Fannie Mae Seller. I won a bid last week on a Fannie Mae property, and got the ratified contract. I contacted my primary hard money lender who has tightened his criteria due to a few bad loans he has made. He told me the property didn’t qualify due to his new property criteria. I contacted my secondary lender and he is out the country. Neither one of these lenders requires me to put up any collateral or bring money to closing. They refund my EMD at closing and sometimes I get money back to start the rehab, needless to say I’m spoiled by them. However this deal wasn’t contingent financing, I have other financing options but can’t act as fast as my first two.
Sometimes the seller will require you to submit your inspection reports to them under the Property Inspection Contingency Addendum on some state forms as they want to see the documentation of why you are not proceeding as agreeded. However, in this case I simply stated the fact that the “Grading of the property was not satisfactory to me as it would cause problems when it rains and It is not in the budget to correct such an issue.”
Attached or below is a copy of the Termination Notice from Fannie Mae that must be filled out. ( for the people that have never seen one)
Back to the Lab for me.
Sincerely,
Broken Hearted Bennie
Actually they wanted me to put the 10% EMD for a deposit. I won the bid at $65,000 and they wanted $6,500. So when I did the State Contract I submitted a copy of an EMD for $500 , and they countered back $1,000 with a 5 day shorter closing.
I make cash offers and put in the “other financing options section” “Private Money Quick Cash Closing” on my State Contract. Also, in paragraph # 3 on The Fannie Mae Real Estate Purchase Addendum I put “Private Money Quick Cash Closing” which is basically a loan, but sounds like cash. Also, I don’t make it contingent upon financing that’s more attractive to the seller.
The only contingencies I have is the Inspection Period Contingency not Property Inspection which covers more than the property inspection in paragraph 5a of their Addendum, if they allow me to put the specific verbiage in pargraph #38. Most time they reject anything I put in paragraph #38 unless they really trying to sell this property fast as they can.
Fannie Mae also has slick verbiage in their Real Estate Purchase Addendum in paragraph # 28 ( Effect Of Addendum) that basically say “Screw Your State contract that we request you send to us also, and any other Addendum and Documentation you submit to us with the exception of your Proof of Funds”
It’s a Riddler Addendum lol
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
There will be others....she's not the only fish in the sea. (And thanks for the copy of termination notice.)
Oh, youre quite welcome, and youre absolutely right there will be others. Im glad I can share
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*