Cda Home Buy…, Home Buyer in Coeur D Alene, ID

We are trying to buy a Fannie Mae bank owned home 2505 w bolivar in Cda. After an inspector came in we found out they painted over a huge mold

Asked by Cda Home Buyer, Coeur D Alene, ID Wed Jun 15, 2011

problem in the basement ceiling caused from a water leak and they wont pay to fix it. If we back out are they required to let the next prospective buyer know there is a mold issue?
Fannie Mae Homepath financing requires no inspection!

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3
Marla McWill…, Agent, Coeur d Alene, ID
Fri Jul 1, 2011
It is now a known issue that the listing agent should disclose to future buyers.

Unfortunately, you'll find a lot of deferred maintenance on the REOs in this area....but they are generally priced low enough to allow you sufficient room to make the repairs and still end up with a decent property.

We a seeing multiple offers on bank owned homes under $200K.....4 to 5 offers at a time....apparently, people feel they are priced to sell!!!

Good Luck with your future purchases and you are wise to have an inspector.....always hire a professional inspector to do a through inspection of ANY property you are considering purchasing!
0 votes
Brent Kluge, Mortgage Broker Or Lender, Bel Air, MD
Sun Jun 19, 2011
BUYER BEWARE! same ole, same old... right?

Renovation loan. I have hit, if you still want this house. I specialize in the FannieMae HomePath Renovation loan, as well as a host of other renovation loan products. ;)

b
Web Reference:  http://www.203kworld.com
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Michael Emery, , Minneapolis, MN
Wed Jun 15, 2011
I'm guessing the previous owner painted over the mold problem - unless Fannie Mae's contractors did some work on the property to get it to salable condition. Their standard out is the 'as is' addendum and 'as is' disclosure. If the listing agent is aware of an issue, they would most likely be responsible for disclosing - assuming it's a true issue of disclosure.

As with any home purchase -whether bank owned or traditional sale - always have the home inspected by a trained and certified home inspector. I have personal knowledge of several homes that were bought out of foreclosure by rehabbing companies where they either hid defects or created new defects with shoddy repair work. In one instance they were forced to make repairs because I enlisted the help of city inspectors to correct a dangerous deficiency.
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