Asked by Sjm, Seattle, WA • Tue Aug 7, 2012
I have an accepted offer in on a Homepath home. We offered $12,000 over list price because we liked the home, it seemed in pretty good shape when we walked through, and there were multiple offers. On inspection, we found several unexpected problems with the home. Holes in the roof that appear to be leaking, powder post beetle infestation in foundation support posts and joists, rot fungus around several windows, no egress in bedrooms as windows are not functioning properly. There are bare electrical wire/shorts in the attic space.
We went back with "items we disapprove" as our contract stated but the listing agent said Fannie Mae would make no repairs. Then, we tried a different route and asked for a $8000 reduction in the price. (Still above the original listing price.) Again, the listing agent said, "Fannie will not enter into further negotiations or affect any repairs that are not called out by an appraiser." Homepath homes don't require appraisal. Any ideas? Advice? Similar exp.?
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