It's the best protection you can afford yourself BEFORE you get in over your head!
The problem with working with a Fannie Mae property is that you might not get the seller to address any of the issues...unless they are code violations and then maybe you have a chance, but I would absolutely, without a doubt spend the $ to have your own home inspection done!
Even Fannie Mae recommends you do an inspection! The following excerpt is taken from the Fannie Mae Buyer's guide available to you as a free download from this link http://www.homepath.com/homebuyers/buying_fanniemaeowned.html
"We strongly recommend that you hire a qualified professional to inspect the property, whether itâ€™s been repaired or not. There is a 10-day inspection period which begins on the start date listed on your purchase addendum, so be sure to check the addendum to confirm this date."
I hope this information is helpful! Wishing you the best!
Western MA and Northern CT REALTORÂ®
Park Square Realty
44 Elm Street
Westfield, MA 01085
A referral is the nicest compliment you can give :)
FNMA does do inspection but it is for their purposes. You dont have the benefit of asking the home inspector questions. Also many months can have gone by when it comes time for you to make a purchase. Things can change. Vacant homes can deteriorate very quickly, due to water issues, lack of air exchange and a myriad of other issues.
Get a home inspection done.
Good luck, let us know how you make out,