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Home Buying in Coldwater : Real Estate Advice

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  • Home Buying3
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Activity 3
Wed Feb 19, 2014
tandtmsmith asked:
Fri Mar 16, 2012
Bill Jenkins answered:
Typically Fannie mae will not make any pre existing repairs once an offer has been inspected. You have 10 days to conduct a full inspection and determine if you wish to continue with the sale. The listing agent can give Fannie Mae your findings and request but typically they wont repair. They may determine to re negotiate the price but thats about it. If your agent is the listing agent and were aware of the non functional systems in the home, they should have told you up front about them, and you may have found a solution prior to making and getting an accepted offer. If you cant repair chances are the appraisal will not be favorable and you will be unable to secure a loan without working mechanicals in the home. You should have know all this at the time or prior to making an offer. If I were you I would ask for my earnest money back and a release from the contract. The next think I would do is get rid of your realtor and get one who works for your best interest. ... more
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Mon Aug 17, 2009
Memphis Owners answered:
USDA will examine the appraisal, and if these items are noted by the appraiser as needed items, then yes, the repairs will be required. USDA will also examine the home inspection, if such an inspection is not waived within the purchase agreement. The home inspection is the more likely place for these items to be noted.

Please call me at 901-212-5095 with an USDA questions, as I specialize in these loans.
... more
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