I want to buy a Fannie Mae home, but cant get it inspected till I sign a contract.

Asked by kevinc, Gallatin, MO Wed Dec 5, 2012

I believe there is no septic system that goes with the house. The inspection done by Fannie Mae said that there may be. If I have to pay their last offer and find out that I have to put in a septic system the house becomes overpriced. What options do I have?

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9
Tish Thompson, Agent, Manassas, VA
Sun Dec 16, 2012
You wouldn't have an inspection on any other property without signing a contract either. Why would you want to pay hundreds of dollars if you aren't committed to the property?
0 votes
Sonal Goda, Agent, Reston, VA
Thu Dec 6, 2012
Hi Kevin - when I have had buyers purchase Fannie Mae Homepath properties before, the Fannie Mae addendum provided to us gives the buyer a 10 days inspection period. I have also seen in cases where a major issue was discovered during the inspection, like mold, that Fannie Mae has agreed to do the remediation prior to close. They are usually aware that an issue with livability will be an issue with all buyers. None of this is guaranteed to be the course of action... just what I have experienced a few times. You could also back out of the contract if the inspection is not satisfactory, as long as you have a contingency, as folks have mentioned. If Fannie Mae is not willing to address the issue, you could then submit another offer for a lower price, for example.

Your question states that you are looking at a place in 20147, which is Ashburn, VA. If this is true, I would be very surprised if Loudoun County didn't have septic records.

Good Luck,
Sonal
0 votes
kevinc, Home Buyer, Gallatin, MO
Thu Dec 6, 2012
I have an agent . She is saying that because fannie maes inspector said there was they don't havr to deal with it because they are selling it as is. I know that there is a lagoon but that is on someone elses prperty with no easment. It is in a rural area so there are no records.
0 votes
Misty Mount, Agent, Yorktown, VA
Wed Dec 5, 2012
Also realize that you have to write a contract on any house before doing a home inspection. Your agent will write in a deadline for all inspections and you can back out prior to the deadline if something is wrong.
0 votes
Misty Mount, Agent, Yorktown, VA
Wed Dec 5, 2012
Also realize that you have to write a contract on any house before doing a home inspection. Your agent will write in a deadline for all inspections and you can back out prior to the deadline if something is wrong.
0 votes
Sonal Goda, Agent, Reston, VA
Wed Dec 5, 2012
The county should be able to tell you if there is a septic system... you can try that avenue.

Thanks,
Sonal
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Wed Dec 5, 2012
Do you know what kind of loan are you pre-approved for? If this property does not have a septic, it can not be finance. If that is the case do not waste your time spending money in inspection for a property that you cannot finance. If your offer is cash, is a different case.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomesepcialist.com
0 votes
Joe Doman, Agent, Ashburn, VA
Wed Dec 5, 2012
There's no way the bank will get you the HOA docs before you do an inspection so you can use them as an out. Like Misty said, put a home inspection contingency on it then add the well & septic too. Do you have your own agent representing you or the banks agent? Your agent should be able to advise you. If you need more advice, give us a call at 703-929-5716.
0 votes
Misty Mount, Agent, Yorktown, VA
Wed Dec 5, 2012
Put a home inspection contingency in the contract. You can still walk away. You cannot finance a home if the septic has been removed.
I would be happy to help if needed.

Misty Mount
Long and Foster
540 903 6686
0 votes
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