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January 17th, 2011 12:04 PM by David W. Welch
The banks, Freddie Mac and Fannie Mae included are pretty much acting like it is the wild west. It is there way or the highway when it comes to purchasing one of their properties. Buyers need to understand this going into the transaction, and I have to applaud Freddie and Fannie for the new step they have taken requiring would be buyers to sign off on a blank addendum when an offer is submitted. At least with this new policy, buyers are aware of what they are going to be getting into if their offer is accepted. The Freddie and Fannie addendums are quite lengthy and essentially say that the sale is as-is and that they have no knowledge of the condition of the property. What they take 14 pages to say, I just said in 15 or 16 words.
There are a few other things that they cover in their addendums that have to do with the as-is nature of the sale, and one of those you should pay special attention concerns condo documents. The bank addendums I have seen all place the responsibility for obtaining condo documents and financials on you the buyer. You need to get this information to make a smart purchase, but many of the management companies will not release the financial information to anyone but the owner or their title agent. It can definitely create a catch-22 situation. If you don't obtain this information, then you are accepting more risk than the banks are willing to accept. Remember, these same banks won't loan money in most of these condo communities. Protect yourself and get the documents (in Orange County Florida they are online through the Comptroller's office) and the financials.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone