Fannie Mae REO addendum questions

[Sam Leon]

While I wait for my attorney to call me back, let me try here if anyone is familiar with Fannie Mae contracts.

I got an offer accepted and now are swimming through this messy process.

First of all about the wiring of the EMD. The REO addendum states:

"Acceptance of Offer: Notwithstanding Seller’s acknowledgement that the Offer is sufficient for acceptance, the Purchaser agrees that the Agreement remains subject to acceptance by the Seller and must be signed by all parties in order to be binding. The Agreement shall be effective as of the date of execution by Seller (“Effective Date”). The Purchaser's earnest money deposit of $_______ is to be placed in a trust account acceptable to the Seller within two (2) calendar days following the Effective Date. The Agreement, signed by the Purchaser and reflecting the terms as acknowledged by the Seller, must be received by the Seller within five (5) calendar days of the Acknowledgement Date. If the Seller does not receive the signed Agreement by such date, the Purchaser’s offer shall be deemed null and void. As used in this paragraph, the term "received by the Seller" means actual receipt of the Agreement by the Seller's listing agent."

I thought this is pretty clear. All parties sign then that's the EFFECTIVE DATE. Within two days from ED, I need to send in the EMD, right?

No, the LA told me not so. That Fannie Mae will not sign nor execute the contract until they can verify the EMD. But why the verbage about sending in EMD after Effective Date? Is this typical to deviate from the contract language like that? Listing agent said "Fannie Mae makes it's own rule and if you want this property you need to wire the EMD then they will sign it".

Secondly, I saw on item 9 where it mentioned "Personal Property".

"Personal Property: Items of personal property, including but not limited to window coverings, appliances, manufactured homes,mobile homes, vehicles, spas, antennas, satellite dishes and garage door openers, now or hereafter located on the Property are not included in this sale or the Purchase Price unless the personal property is specifically described and referenced in Section 38 of this Addendum. Any personal property at or on the Property may be subject to claims by third parties and, therefore, may be removed from the Property prior to or after the closing. The Seller makes no representation or warranty as to the condition of any personal property, title thereto, or whether any personal property is encumbered by any liens. The Seller assumes no responsibility for any personal property remaining on the Property at the time of closing."

In the state contract I had listed, ceiling fans, lights, refrigerator, range, oven, microwave, washer, dryer, dishwasher...and all those were crossed off. LA again told me FNMA will not make sure all the appliances that are there now will be there at closing. Does that extend to AC units, handlers, compressors, hot water heaters too? Does everyone just say OK and cross their fingers?