All Forum Posts by: Amy M.

I just wanted to update that I DID get the updated addendum with the acknowledgement date today!

Also, I have the escrow company information for EMD as well.
I guess I just needed to be patient and wait for this, but I had no clue what was happening until the revised form is sent to me.

Thank you again J Scott and those who PM me in helping out with the situation. Really appreciate it.

Amy

Thank you again J Scott

Yes, we submitted the FNMA addendum along with the contract. It took about 8 days for the seller to respond and counter us. Then, we accepted the counter offer via email, no additional addendum or revised addendum was submitted. This is the time when we were told that the inspection was allowed.

Also, I checked my original addendum we initially signed and realized that the date line was blank! I remembered that we assumed it was going to be written by the seller when they sign it.

Not sure what date we are going by at this point...

I wonder if FNMA is letting many potential buyers go inspect the property since they are not signing anything early on. The property is still "active" on both MLS and Homepath sites.

Amy

Thank you J Scott for your post and advice.

Does this mean that "Addendum" can be a simple email correspondences? I was assuming that I would receive an additional form to sign to make all the terms "official."

Thank you for clarifying the "Acknowledgement Date." It now makes sense that we can do the inspection.

Glad to hear that this request is standard. I'll probably have them sign a simple letter and get a receipt once they receive the fund.

I certainly do not wish to be one of those "difficult" buyer, so hopefully, I'll resolve the EM matter soon.

Thank you again for your helpful advice!
Amy

I am working to get a first Fannie Mae REO property and all the terms were agreed by both parties via emails today. A ten day inspection was allowed and we were told to wait for further instructions, without having the signed contract back.

Also we were instructed to wire the earnest deposit to our broker’s bank account for them to hold until they open an escrow.

Does this sound typical for REO purchases? I don't like the idea of wiring EMD without a signed contract or some kind of documentation stating it. Having inspection done without the signed contract seems ok, but I was not sure about wiring the deposit to our broker.

Amy

Welcome Randy!
I am an out of state investor focusing in Houston market, and I look forward to your future posts :)

Amy

Jake Kucheck
Yes, really hoping to build a good team. I am finding some contacts don’t take me seriously when they find out that I am located out of state. I am really excited to go back in the market to meet and greet more people, including fellow investors :)

Good luck on your endeavor in Michigan as well!

Thanks Jake Kucheck!

Which state are you looking to invest in?
I am finding it’s pretty challenging to acquire properties from far, but I hope that I will have a good deal that I can report back to. Happy Investing! :)

Thank you Troy Barrett! Nice to see a fellow Californian :) Look forward to your posts as well :)

Will do Sam :)

Thank you Jerry Puckett and Joshua Dorkin for your help :)

Appreciate the @mention lesson :) I see this thread has been a good posting training, haha

Jerry, I hear it's super humid in Houston. I think I need to go visit there in the middle of summer once.

Jason Grote, thank you for your reply! I'll PM you :)