John Folts, Home Buyer in B.E.S.T, Rochester, NY

CAn I buy a fanniemae property as is and fix it myself no financing?

Asked by John Folts, B.E.S.T, Rochester, NY Sat Oct 19, 2013

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Hi John,

Are you looking for an investment property or a residence? You can certainly do cash if you have the ability, however, if you are going to use the property for a residence, I would suggest FHA 203K Rehabilitation loan. It's been my specialty for 21 years and you can literally knock a house down to one wall standing and rebuild (as long as you do not exceed 110% loan to value when it is complete). The home closes "AS-IS", work is completed after closing and it is only 3.5% down on the total purchase price at closing. You can also finance 1-6 payments into the loan if you are doing major structural repairs. The rules are that you have to live in it for 1 year though (2 years is ideal for tax write-offs if you want to flip), but I am unsure of your intention. My website has a lot of information on it if you want to read more about the program Would be happy to assist you with financing if you choose to go that route!

Andy Wood
0 votes Thank Flag Link Tue Oct 29, 2013
Yes John, you sure can! If you are paying cash, you can do whatever you want. Good luck!
0 votes Thank Flag Link Mon Oct 28, 2013
Yes, you will have to buy a Fannie Mae property as is, they will not do any repairs. They may accept an FHA 203k deal though, which puts money in escrow for new roof, windows, etc, ask your lender to explain.
0 votes Thank Flag Link Mon Oct 28, 2013
Once a property is listed, anyone can buy it with cash or financing if all the terms are agreed to. I'm not sure I understand the question, if you have cash to purchase the home of course you can purchase it as soon as it's on the market. You'll need your own agent, as the listing agent represents FannieMae in most situations. Find a great one with lot's of useful experience to get the best outcome.
0 votes Thank Flag Link Sat Oct 19, 2013
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