Home Buying in Elkin>Question Details

Rkrich1, Home Buyer in Elkin, NC

Looking to buy a Freddie Mac Foreclosure that has no well. My lender requires a water source. Thinking of offering more than the asking price &

Asked by Rkrich1, Elkin, NC Thu Oct 14, 2010

stipulating FM present us with a check for the difference at closing. Will they accept??????

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Are you working with a Realtor to help you through this process? Fannie Mae and Freddie Mac sell their properties "as is". Lenders require a property have certain things to make it liveable, such as a heat source and water source, so unless you have cash, you are likely not going to be able to complete the sale, but there are other properties out there and, if this one doesn't have water, it's likely to be a bigger investment than you planned. Why not get one that's closer to the price you would have ended up spending on this one, that will require less work and expense for you? There are lots of good Realtors there in Elkin who will be glad to help you. If you want to email me, I'll be glad to make suggestions. Good luck.
0 votes Thank Flag Link Thu Oct 21, 2010
I don't think that is possible. Most lenders us specific guide lines for loan approval and a home must be inhabitable, I believe that means it must have a potable water supply. Also Freddie Mac is not in a position to be giving money back at closing. You may need to go to a "hard money" lender or buy it for cash. Considering the circumstances of the property maybe Freddie will unload it for a song and a dance. Good Luck.
0 votes Thank Flag Link Thu Oct 14, 2010
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