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Updated about 11 years ago, 10/22/2013

User Stats

19
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0
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ALLEN KEYS
  • Grayslake, IL
0
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19
Posts

Hold or Fold?

ALLEN KEYS
  • Grayslake, IL
Posted

Ok, so I've followed most of the advice listed on this site and completed as much research as possible on investing in a Fannie May multifamily (REO) property. The numbers were good so I decided to go for it and contacted a real estate agent, obtained a pre-approval, and submitted an offer. After a couple of rounds of counter offers we agreed on a price and I decided to walk thru the property for a second time. The walk thru occurred on Tuesday, and I arranged to have the home inspection completed on Saturday.
Once we (me, my agent, and home inspector) arrived at the property we noticed that the two rear doors had been damaged (the property was burglarized). We called the listing agent and they instructed us to call the local police. After the police searched the building we went into the property and noticed that all of the copper (water) pipes in the basement were taken along with a stove and refrigerator from the first floor.
I am still interested in purchasing the property if the seller (Fannie Mae) will replace the stolen pipes (The appliances were going to be replaced anyway so I’m not worried about those).
Has anyone been in this type of situation with Fannie Mae? Will they replace the pipes, reduce the final selling price to compensate for the damages, or hold firm on their “as-is” policy?
This is a unique situation for me concerning the property and the contract. Those are the only options that I am aware of..... Your advice in this matter would be greatly appreciated. Thanks

Allen

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