It never hurts to ask. Some of the banks (including Fannie Mae), even though selling the property as-is, will work with you on required repairs especially if it is a mortgage required repair (you can't get the loan without the item being fixed). If it is an item that affects your purchase it may affect a lot of other potential buyers.
If it becomes a mortgage required repair (something that must be done before you can get the mortgage) you can fix the problem yourself and take the risk that it will close or you can flip it over to a renovation loan.
Long & Foster Real Estate, Inc
Lehigh Valley Office, PA
Best of luck
C: 612 396-0692
Fannie went to dewinterize the property in order for my lender to send in the appraiser, and the fan on the furnace is shot- an impartial contractor stated it cannot be fixed and needs to be replaced.
Today I signed an amendment to our contract asking for Fannie to pay half the cost of the replacement- I don't know if they will agree or not. As others have stated, it was worth a shot! If they don't, they tack the cost of replacing it onto the purchase price of the home and will have it replaced prior to even the appraisal...
The whole situation rubs me entirely wrong- this is in part due to seemingly endless price negotiations thusfar- but the property is a steal, so I'm playing ball...
Any advice? What was your outcome?
Thanks in advance!!
I agree with Scott and think you should ask Fannie to either repair or give you a concession of 3,000 to replace them both after closing. If your appraiser is requiring the repairs be completed before the home can be approved for financing, then Fannie will need to repair it before you close. If the appraisal has been completed then accompany the appraisers notes as to the repairs that are needed for in order to obtain financing. This will present more of a case to Fannie rather than just what the inspector or what you want fixed. If Fannie understand the severity of the issue they are more likely to agree to fix the issues.
Have a Blessed Day!
It is very probable that Fannie Mae will work with you on this issue, however.
You make a matter-of-fact statement that the furnace and electrical box "must" be replaced. I will venture to say that - even though I do not know your transaction - there is probably no defect with these items other than they are older (service is maybe fuses, and furnace has less than 5 years life remaining). You and your agent (a knowledgeable agent) should have noticed these items prior to making your offer.
The conditions you mentioned now exist for this home. Fannie Mae will have to deal with these issues whether you're buying it or a future buyer tries for the home.
Ask for some consideration...you stand a good chance in your request being accepted.
You can always ask for anything and they can always say no.