Asked by S_k_morgan, Harrison Township, MI • Fri Feb 15, 2013
Fannie Mae accepted our offer on a foreclosed home - "As is" condition. We had an inspection done which there were some minor repairs (carpet, paint, some small holes in drywall, some electrical) and some major repairs (roof had fewer than 2 years, siding was rotting in some spots, basement tie-rod holes need to be plugged) that need to be done. Even with that, we wanted to proceed with the offer. An appraisal was then done and my mortgage lady came back and told me that we could not get a loan because it was appraised at 'C5' condition. We are now $300 in on the inspection and $400 in on the appraisal and basically they are saying "Sorry - no mortgage"???? A renovation mortgage is out of the question because they want 25% down. Is there anything that can be done to salvage the deal or should we just give up?
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