All Forum Posts by: ALLEN KEYS

Thanks Charles, but legally they still own the property. It's not mine to repair yet. If this occurred after I closed on the property I would be forced to repair it out of my own pocket. For now, I'm hoping that they (Fannie Mae) either credit me the difference, repair the damage, or lower the asking price.

Thanks a lot Jake! I will certainly consider that in my going forward process.

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

Josh Ross welcome to the BP site! Don't forget to listen to the podcast, there is a ton of useful information listed there.

oops!

Sorry. I was trying to reply to my post on the newbie form....

Thanks for the welcome. I'm looking forward to another Champoinship season also! Hopefully by then I will have at least two properties acquired...

@Paul Timmins

Thanks for the great info! I'm actually scheduled to attend a local REIA meeting on October 8th..... Again, thanks for the great info!

Hello, Ramon definately not flipping central..... There are a good amount of houses on the market but all of the "good deals" are in complete renovation status. I'm trying to find that perfect fit between purchase price vs renovation price.

Hello, Bigger Pockets! My name is Allen and I have been listening to the Podcasts and reading as many posts as possible on this site. My short term goal is to become like most of you; a real-estate investor. I currently have a small amount of cash (approximately 20K) and plan on purchasing my first (Buy and hold) property before the year is over. So far, I have been “monitoring” the REO’s in my area and just want to “jump in” and discover the pit falls on my own. However, the more I read on this site, the more I realize how much I really don’t know. So, thanks to all of you for making this an awesome website for a new guy like me!