Home Buying in Delray Beach>Question Details

fmraja73, Home Buyer in Boynton Beach, FL

Outstanding HOA Fees and Defects found after inspection

Asked by fmraja73, Boynton Beach, FL Fri Feb 22, 2013

Hi Guys,
I live in Delray Beach, Florida and I'm in process of sending an offer to the seller. My realtor has sent me the paper work and I'm reviewing it. It's Fannie Mae property which requires a Home Path Renovation Loan. My Realtor is pretty experienced but he has not dealt with these Home Path Loans before. I have a few concerns.

1- Am I protected against any outstanding HOA fees, liens, taxes etc.
2- In case I find any defect in the property e.g mold. Do I still have to buy the property. The contract is full of verbiage like Seller is not responsible for anything. In case there is mold that has been covered by paint, it would not be their responsibility, stuff like that....

Anyone has information on this?
Thank you!

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Answers

3
Your Sales Contract controlls what happens concerning issues in
both Questions. Regarding item 1 - you would usually be buying
a HomePath property " free and clear" but should also buy Title
Insurance -" just in case"
Regarding Item 2- Your contract most likely
has an inspection "window" in order for you to get -Professional
Inspections done by "qualified" inspectors. Should evidence of
mold contamination be found- you would have "remediation as
part of your " work Write-up" or exercise options contained in
the Contract.

A professional Home Inspection,Attorney Review,and Use of
a lender versed in the "in's and out's" of HomePath and their
Renovation Loan product are all recomended!


Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Sat Feb 23, 2013
All fannie mae contracts give an inspection period in which you can cancel as they sell their properties as is with right to inpsect. As a result you have the ability to cancel during that inpection period. Homepath properties/financing are not subject to an inspection or an appraisal. Its a joke and is leading us back to the prior issues tha caused the crash. I had a deal that was fannie mae owned my buyer did traditional financing the appraisal by Wells Fargo came in 25K below contract price, Fannie Mae didnt care an dsaid we want contract price. use Homepath if you want the property. House had mold, water leaks etc.......... Hoempath financed it for the contract price no problem yet a conventional lender would not. If you want the property use Homepath if you feel there is value in th eproperty at contract price, if not run as fast as you can.
0 votes Thank Flag Link Fri Feb 22, 2013
You should have an inspection that will address all of your concerns. Complete home inspection,termite,mold,water quality,lead paint,septic and radon. This way you will have more piece of mind. Reduce the chances you will have something appear later.
0 votes Thank Flag Link Fri Feb 22, 2013
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