Offer Process
1) Use the Colorado Contract to submit the original offer.
2) Make sure that you submit a prequal letter or verification of funds letter with the contract. Any request for closing cost assistance must detail actual dollar amounts. Fannie Mae will not pay for Title Insurance unless this is specified in the offer. Please add this amount to seller's contribution to buyer's closing costs.
3) Offers are normally responded to the same business day but you might allow 48 hours for acceptance.
4) All counters will be made verbally.
5) Once the price and terms are agreed to, the Fannie Mae addendum will be generated. There is a link to a sample addendum on this page for your buyers to review prior to making an offer. The addendum needs to be referenced in the contract by putting the following statement in additional provisions: PURSUANT TO PARAGRAPH 28 OF THE REAL ESTATE PURCHASE ADDENDUM THIS DOCUMENT IS SUBJECT TO ALL TERMS AND CONDITIONS SET FORTH IN THE REAL ESTATE PURCHASE ADDENDUM.
6) All dates (inspection period) start from the date of verbal acceptance. Please do not put in Date of Acceptance + ... days. Actual dates are needed to submit the offer.
7) Fannie Mae will issue a Special Warranty deed - please make sure that this is specified in the contract. Also, they will not pay a per diem for non-possession. This is rarely an issue as the majority of these properties are vacant.
8) Signed contracts will be returned within 48 hours from Fannie Mae.
9) Lenders need to be aware that figures MUST arrive at the title company 72 hours prior to closing - no exceptions.
9) Any changes to the contract need to be made on the Fannie Mae amendment form. This form is found on the listing pages.