Home Buying in 80903>Question Details

rayandjane1, Home Buyer in Colorado Springs, CO

Has anyone bought an REO from Fannie Mae to find it in really bad condition? Did they refund your earnest money?

Asked by rayandjane1, Colorado Springs, CO Fri Jun 14, 2013

Help the community by answering this question:


These houses are sold as is. Hopefully you have a good buyers agent working for you, she or he will help you through the process to make sure your inspections are done on time. Get your inspections done right away. If you find the home not passing your inspections then you can cancel the contract to get earnest money back.
0 votes Thank Flag Link Sun Jun 30, 2013
As long as you object prior to the inspection objection, you should be entitled to. They have pretty tight deadlines to get it inspected, so act quick. They are sold 'as is', so they will not do repairs unless it is of a Health and safety issue.
0 votes Thank Flag Link Fri Jun 14, 2013
thanks to both of you. we have just signed the initial contract and are getting the inspection done asap. It appears to be a good, sturdy house so we will definitely act quickly if anything major is found in the inspection. I have read every word of the contract and addendum and feel pretty good about the conditions. Thanks again!
Flag Fri Jun 14, 2013
A refund is out of the question!

These homes are usually sold as it. Buyers have to complete inspections so they will know what they are getting into.

If you closed the escrow, and then after the closing discovered the home is in poor condition, you have bought yourself a fixer.

Please note: any health and safety issues should be repaired by a lic professional. You may be able to do some minor things yourself. New paint, flooring and landscaping can make a big difference. Some cities offer help paying for new energy efficient windows. Check to see if your city has such a program. New windows would be a plus.

Try to fall in love with this home, it is yours now. Who knows, it could be a diamond in the rough.

I truly wish you the very best.
Kawain Payne, Realtor
0 votes Thank Flag Link Fri Jun 14, 2013
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