Advice on properties that won’t pass inspection.

[Tanner Jones]

I am looking at purchasing a foreclosure property owned by Fannie Mae. The property has some damage by a tree falling. The eave of the house was damaged and needs repaired. The power pole was also knocked down by the tree. The house does not currently have power and I was told that the house would not pass inspection for me to get a conventional loan. I am looking to purchase this property to rehab and make my residence. Then I could make my current residence which I own my first rental property. I just had some worries about buying the property without a professional inspection done. I have viewed the place myself and think it would not be hard the rehab as which I could do most of. Anyone that has dealt with foreclosures with Fannie Mae in the past that can offer some advice? All will be appreciated. Thanks

[Kenneth Garrett]

@Tanner Jones

If the property is not habitable then it probably can’t be bought with traditional financing.  You could use private funding and then rehab it.  It will be difficult to confirm the rehab costs without the utilities on.