Fannie Mae Charges Buyers a “Re-Keying” Fee

August 16, 2011 at 4:19 pm Leave a comment

by: Maria Hass*
Home buyers purchasing Fannie Mae homes should be aware of an extra fee that Fannie Mae charges the buyer. It is called a “Re-keying” charge, and can amount to as much as $150. Fannie Mae wants all homes re-keyed upon closing to take the locks off its master keys. My understanding is Fannie Mae holds one master key for all Fannie Mae homes. One of my recent buyers wanted to re-key the house himself using higher-end quality door knobs and asked if Fannie Mae would waive the “re-keying” charge if he did the work himself. Unfortunately, Fannie Mae would not allow this. So, the re-keying charge remains. I found it unreasonable for Fannie Mae to charge the buyer for a service that does not benefit the buyer, only Fannie Mae. This charge should be a seller’s expense, not a buyer’s expense. But again, when you are dealing with Fannie Mae or Freddie Mac, these government-owned agencies are looking after their best interests, not ours. It will take a legal battle or strong lobbying efforts to create changes. Meanwhile, if you really like a house, most of the time, you will just “go with the flow” and move on.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , , .

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