Home Buying in 77845>Question Details

Lauralynn, Home Buyer in 77845

How long can Fannie Mae legally take to decide if they will pay for FHA seller required repairs? I have been waiting 2 weeks?

Asked by Lauralynn, 77845 Thu Dec 22, 2011

I have paid for the whole house inspection, well testing, and FHA appraisal. I am being constently told that the 'bank' ie Fannie Mae can take as long as they want and they are really slow right now? Seriously? Don't I have rights as a buyer to expect expedient replies? Or is Fannie Mae all powerful and can "take as long as they want"?

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2
Tim Moore’s answer
You could be in one of those catch 22's we find ourselves in these days with all the poorly maintained bank owned homes out there. When you find one that needs repairs or the deal won't close until the repairs are made is when you are in the catch 22. Who pays? Banks says no and lender says no and you get the problem. It's always risky for a buyer to spend money fixing up a property that is not theirs - yet. Often the banks are full of rules and coat and tie guys at a meeting table saying no to your offer. When banks sell they don't act like you and I would. Good luck with it.

BTW, what repairs are needed and a cost?
0 votes Thank Flag Link Fri Dec 23, 2011
Lauralynn your contract should have a date specified that you had to complete your inspection and how long teh seller has to offer. If it does not, you should have put a date in your request for repairs as well as a copy of teh report, estimates and picture of damage to speed things up. the bottomline is without a deadline, you can wait for ever, you need your agent to speak with teh listing agent twice a day to get answer.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Dec 23, 2011
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