Best of luck,
Coldwell Banker Star Realty
BRE lic #01456982
And yes, I know all about awful realtors.
If it's a repair that they deem necessary to be able to sell to another buyer, they may consider it, especially if it's a safety issue. If it's cosmetic repairs or known issues, they most likely won't consider it. It's worth asking for sure.
If the issues are things like plumbing issues, foundation problems, a/c problems - then you can ask for a repair credit from FNMA. They may or may not approve it, but it is worth a shot. Just make sure you do all of this within your inspection period listed on your sales contract.
David A. Netzer
Hot Tropic Properties
Best of luck to you,
Regardless of whether or not you can get the seller to agree to correct this problem there are important terms in this agreement that need to be pointed out. A standard "AS IS" contract allows the buyer to exit the agreement but needs to operate within the specified time frame of the agreement and the intent to cancel needs to be conveyed in writing within this time limit to be able to have your escrow money returned.
So, as you move forward with this initiative, please keep your deadline in mind.
Yes the sale is "As-is" which means you agree to accept the present condition at the time of closing. However you can absolutely ask for them to consider paying all or some of the repairs. The best way to go about doing this is to obtain 2-3 written bids from licensed contractors, this way the cost to repair is realistic. Make sure they are "SAM" approved. You need to instruct your agent to send you an addendum requesting the seller to make these repairs. If the repairs are legitimate and or required by your lender then you have a good chance of having these repairs made by the seller. See the below verbiage directly taken from the FNMA Home Buyer Booklet:
Has Fannie Mae made all needed repairs to a house?
Fannie Mae may make some repairs to properties to increase their
marketability. Other than that, Fannie Mae sells each property “as
is.” So the buyer should be aware that other repairs may be needed.
Fannie Mae is not responsible for making any repairs or fixing any
problems after settlement.
• Even if the house has fresh paint, brand new carpet, new
appliances, perhaps even a new roof or siding, it doesn’t mean
everything in the house is new, or even works.
• Fannie Mae does not warrant or guarantee any work that may have
been done on the property, whether as part of its efforts to sell
the home or pursuant to conditions in the purchase contract.
• Where a home warranty is available, you may wish to buy it at
your own expense.
• We strongly recommend that you hire a qualified professional
to inspect the property, whether it has been repaired or not.
Generally, hiring a home inspector is a recommended practice, no
matter what type of home you buy.
• Fannie Mae sells each property “as is,” which means that the
buyer accepts the property in its present condition at the time
of closing. For more information on this topic, go to “Has Fannie
Mae made all needed repairs to a house?”— found in the FAQs
section of this Buyers Guide. Also, Fannie Mae is not responsible
for any repairs that may be needed after settlement.*
* Additional repairs to the property may be required, depending on the type of financing,
such as FHA products. When this happens, the lender typically contacts our listing
broker to communicate these requirements. Fannie Mae then reviews the offer to
determine if we are willing to re-negotiate the existing contract to account for those
repairs. There are instances when Fannie Mae will not accept certain types of repairs
and the buyer will either have to obtain other financing or choose another home.
You wrote above...."My realtor has been absolutely aweful"
Tell me, exactly what she or he has done or has not done to make you feel this way.
As a Florida Mortgage Broker, I'll tell you what I think and if you are over reacting and expecting too much as so many consumers tend to do or if the realtor is at fault which is usually the lesser of the cases.
Please share with us your experience.
Best of luck!
Fannie Mae is offering up to a 3.5% incentive for owner-occupant buyers who request the incentive at their initial offer during the First Look period, purchase a HomePath property in select states on or before March 31 and close on or before May 31, 2014.*
To be eligible for this incentive:
All actively listed properties in select states** are eligible.
Buyers or their agents must request closing cost assistance at initial offer.
Initial offers must be submitted on or after February 14, 2014, but not later than March 31, 2014.
Property sales must close on or before May 31, 2014.
Buyers must reside in the home as their primary residence or be a public entity — auction, pool and investor sales are excluded.