Saturday, I am going to personally take this letter to the Fannie Mae broker who I tracked down last week. The home is still NOT listed on Home Paths as of today. I am also going to take the bid for repairs which is for $11,700 and my Proof of Funds letter.
Can you review this letter (which was edited from Max's letter) & my contingency list and give me your thoughts. I am hoping the realtor will agree to send this along with the official offer to purchase. I am going to tell her this was "prepared for Countrywide before we found out that Fannie Mae got the property" and hope she goes for it. I want to make sure that ALL parties are aware & notified of the mold/drainage issues because I do not trust the realtor to mention it to Fannie Mae.
Also, please let me know your thoughts on this offer price. I only have $35,000 cash so, I was saving some $$$ for a possible counter offer. I am guessing the FMV will come in about 80K. The bank is owed 54K. Do you think this is a good starting offer ?????
HERE IS MY LETTER !!!!!!!!!!!
Date Submitted: ___________________________
Karen & Mike
Let this letter act as the intent to purchase -----. The reason for this letter is to allow for an expeditious offer to purchase the aforementioned property at $25,500.
This will be a CASH sale. Proof of Funds letter will be included with this offer to verify immediate transfer of funds. Closing to be within 30 days. In the event that the following terms and conditions are acceptable to you it shall be rendered to a standard AR Contract.
Please note that the intent to purchase is based upon the following contingencies, and it is in no way a legal binding document:
1. Contingent upon a clear title,
2. Contingent upon buyer submitting repair bid for mold, drainage, standing water from licensed/bonded contractor to justify offer. Contractor to be referred by --- Insurance Co. to assure home owners insurance coverage.
3. Contingent upon property being sold “as is” with buyer fully responsible for additional repair costs not included in bid:
a. Insulation in crawl space missing, needs to be up to AR code,
b. All appliances stripped from home,
c. Mold/mildew in kitchen remediation-cleaning & carpet replacement,
d. Replace busted/missing concrete front steps (safety),
e. Future plumbing repairs (home winterized March 2009 but, state-of-emergency ice storm was February 2009), no water available to test pipes at this time, repairs are expected.
f. Fallen trees from ice storm, yard clean up, etc.
If the following contingencies are acceptable, please contact listing agent within 7-10 business days. I appreciate both your time and consideration concerning this matter.
Mike & Karen
(Home: ----, Cell: ----)
~~~~~~ Praying for our dream house ~~~~~~