The house is owned by FannieMae. You will have to do your own visual inspection and put in an offer. FannieMae is giving an extra 3.5% in closing cost help or to cover the cost of appliances. You can put in an offer and then have your own home inspection done, There is FHA financing available under the 203k program which would value the home at its projected worth AFTER the repairs & updates are done. It could be a good opportunity depending on its present condition and the scope of the work that needs to be done. You will need to show proof of funds and have a lender preapproval in hand at the time you submit an offer to FannieMae. If you have further questions, please don't hesitate to contact me.