I am trying to buy a Fannie Mae foreclosed home inspector said it needs couple of repairs but nothing is broken. HVAC is 24 years old.

Asked by Sazia, Ashburn, VA Mon Jun 11, 2012

Is it possible to ask Fannie Mae and to get repairs done, get the HVAC changed since its old. did anyone buy Fannie Mae home? Your answers will be appreciated.

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4
Tina Beasley, Agent, Saint Augustine, FL
Mon Jun 11, 2012
FYI....home warrantys will not pay to fully replace a heat pump. Most only pay a certain amount towards the replacement. Foreclosed homes are sold AS-IS, so normally no repairs will be done by the selling bank. I feel that you should have taken a look at the unit prior to making your offer.

You could try to negotiate a lower price at this point but most of the contracts that you sign with banks are iron clad and read that you understand that you are purchasing the home AS-IS and most of the time the only way out of the purchase is to have the home inspection clause in your contract read that you can opt out of the contract if the homes does not inspect to your satisfaction. If you have that option, you can use it as a tool to say...I will move forward with this sale if you agree to reduce the price by $5,000 as the heat pump is past it's serviceable age.

Good luck!
0 votes
Steve Campot, Agent, Ashburn, VA
Mon Jun 11, 2012
I suggest you hire a real estate agent to help you. In most cases Fannie Mae will pay the commissions so it will not cost you anything. Call me at 703-399-5109 if I can help.
0 votes
Nan Flock, Agent, Ashburn, VA
Mon Jun 11, 2012
Hello Sazia,
The response by the agent below is correct- however there is a way to help protect you against added replacement / repair costs on mechanical/appliances once the property has been purchased and settled.
That is to buy a home warranty policy!
The warranties help defray repair/replacement costs and well worth it.
I recommend either:

Old Republic Home Warranty- http://www.orhp.com 1-800-445-6999

or...

HMS - http://www.hmsnational.com 1-800-843-4663

Hope this helps-

Nan Flock
nan & company
ReMax Select Properties
Ashburn, Va
703-399-1266- mobile
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Jun 11, 2012
Just because it is old does not mean they will replace it. When buying a bank owned home and especially with Fannie you are buying it as is. banks do not always re-negotiate after a home inspection. You would have known the age before making an offer and the rule of thumb is anything you can see with your eyes should be made part of your initial offer. Anything hidden from view such as trmites, well or septic are things usually considered
0 votes
thank you for all the answers
Flag Tue Jun 12, 2012
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