HECM - Fannie Mae Properties

Use the NEW Fannie Mae Contract/REPA attached in the MLS to make offers - You no longer use an AS-IS and FM REPA - Just the 16 page contract attached here or in the MLS plus LBP (if pre 1978) specific forms are attached in the MLS (eg. LBP).

Please note:

*  These 'HECM' properties do not have an Owner Occupant First Look Period, but the property must be in the MLS for 3 days before an offer can be submitted to us.

*  Fannie Mae is EXEMPT from paying Transfer/Doc Stamps - Buyer will pay these fees.

* Pre - if the Agent Remarks state "HUD Guidelines 24 CRF 206.125" Fannie Mae cannot accept any offer less than full price

* Post - will have no special language in the Agent Remarks then, Fannie Mae can accept offers outsice HUD guidelines