Question on Fannie Mae REO transactions

[momopi_IHB]

It's my understanding that on all Fannie Mae REO transactions, the buyer is responsible for paying ALL COSTS, regardless of what the California Purchase Agreement states. In other words, buyer is responsible for paying both buyer's and seller's closing fees.



What kind of potential liability would the buyer get into here? I've received no paperwork specifying exactly what the seller's closing fees are and they expect me to just sign the papers?

 

[usctrojanman29_IHB]

[quote author="momopi" date=1259285040]It's my understanding that on all Fannie Mae REO transactions, the buyer is responsible for paying ALL COSTS, regardless of what the California Purchase Agreement states. In other words, buyer is responsible for paying both buyer's and seller's closing fees.



What kind of potential liability would the buyer get into here? I've received no paperwork specifying exactly what the seller's closing fees are and they expect me to just sign the papers?</blockquote>
Seller costs excluding real estate commissions and pro-rated property taxes are going to be around .5% of the purchase price. There's no potential liability that you would be at risk to by paying for the seller's closing costs.