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Heidi Pike, Home Buyer in El G.H.E.K.O., Tucson,...

Is our realtor right, she says a home inspection by us isn't needed cause its a Fannie mea bank owned house they know what's wrong with it?

Asked by Heidi Pike, El G.H.E.K.O., Tucson, AZ Tue Apr 30, 2013

already . She says Fannie mea bank owned houses do their own inspections and can't sell a bad house by law

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Did your realtor share the Home Inspection brochure with you? I'm quite surprised a realtor would recommend someone not do an inspection on any home, bank owned or not. An inspection is in your best interest in any home purchase.
1 vote Thank Flag Link Tue Apr 30, 2013
She maybe right ,BUT i would never recommend that the Buyer NOT to have Their own home inspection!! Not all home Inspectors see the same thing and who knows how long age the other home inspection was done!!
1 vote Thank Flag Link Tue Apr 30, 2013
YIKES! She's right, Fannie Mae does do their own inspections...but I would NEVER advise a buyer NOT to do a home inspection!!

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

"We strongly recommend that you hire a qualified professional to inspect the property, whether it’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!

Julianne Krutka
Western MA and Northern CT REALTOR®
Park Square Realty
44 Elm Street
Westfield, MA 01085
Cell: 413-297-6718
Office: 413-568-9226
Voice/Fax: 413-485-7379

A referral is the nicest compliment you can give :)
1 vote Thank Flag Link Tue Apr 30, 2013
Yikes..... forgoing a home inspection is not for the faint at heart. I would never recommend givig up a home inspection unless you truly knew what you were doing.

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.
0 votes Thank Flag Link Tue Apr 30, 2013
Wow! I think that's bad advice. A home inspection not only will tell you a lot about how the home "works" but it's a real cheap bit of insurance.
0 votes Thank Flag Link Tue Apr 30, 2013
Yes, Fannie Mae does a thorough inspection of the property. It's for their records to document problems and areas where repairs might be needed. The inspection is only for the day the inspection was performed. Future damage may not be listed or conditions that a vacant home can experience wouldn't be included. This is why a home inspection is a vital tool for any homebuyer. You will have a professional opinion of the condition of the property on the day YOU have it inspected. Now while Fannie Mae may not negotiate items that are already existing there could be further damage that they're not aware of that will be of importance to you if it's needed to be remedied. One area especially I've found is moisture issues. These may not have been an issue at the time Fannie Mae took possession and inspected the property but the sitting property could develop issues. This is just 1 example of why having a proper inspection is always advisable unless you're a professional buyer/contractor and can easily inspect the property yourself. Professional buyers/contractors are the only ones I ever fealt confortable waiving a home inspection. Even if it's not for the purposes of renegotiation, the info is handy as a baseline and will also show you how all the systems in the property work.

Good luck, let us know how you make out,
0 votes Thank Flag Link Tue Apr 30, 2013
What's considered a 'bad house' would be up for debate. A house should be functional but that doesn't mean there can't be things that may need attension after you move in.
0 votes Thank Flag Link Tue Apr 30, 2013
Definitely NOT the case. Hire an inspector and figure out what you're buying. Banks don't inspect so please keep your expectations very low.
0 votes Thank Flag Link Tue Apr 30, 2013
You should absolutely get a home inspection. Perhaps what she meant to say was that the bank knows nothing about the home and will make no claims about its condition, good or bad.
0 votes Thank Flag Link Tue Apr 30, 2013
Nothing could be further from the truth!!!
0 votes Thank Flag Link Tue Apr 30, 2013
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