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Fannie Mae Homepath-First time homebuyer

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Anonymous
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Fannie Mae Homepath-First time homebuyer

Good morning, everyone. I am a first time homebuyer and I'm just looking for opinions in this situation. My fiancé and I just got approved for a home loan. We are interested in this 4/2 home built in 2000. It's a Fannie Mae bank owned home being listed for $99k. It's in a decent neighborhood, but the schools aren't the greatest. Our lease is up June 1, so we need to get moving quickly. I went to see the house yesterday with my realtor and on the surface the home looks pretty good to be 15 years old. However, I found a few things wrong with it. 
It is listed as being move in ready. Well, it's not. At least not to me. The fridge had water in it and was still dripping inside. The stove is digital, but it wasn't plugged in or is broken, I couldn't tell which. I didn't bother opening the dishwasher. The toilets need to be replaced, either the entire toilet with the tank or just the covers. The fixtures in both bathrooms are completely rusted, and the tubs in both bathrooms need refinishing. The master bathroom tub is jetted but I wouldn't dare use it in it's condition and the shower head is disconnected. Well, the shower head is one with a cord but it doesn't hang anymore. My realtor suggested I make an offer to include closing costs and the toilets being replaced, tubs refinished, and appliances being replaced. Other than these things, the home is great. Oh, and in the laundry room there is a very old washer and dryer set that I am pretty sure wasn't made when the home was. It's very rusted. I'm not sure what to do with those since I have my own set. Theres no holes in the wall, all the electricity works, the AC works, the plumbing works, it's just those things. What would be a fair offer with those items included? I just want to make sure we are making the right decision as first timers since the house is already 15 years old and since we are looking to go the 15 year route, it will be 30 years old when we're done with it. TIA!

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Fannie Mae Homepath-First time homebuyer

why don't you buy a new build?
Message 2 of 4
Anonymous
Not applicable

Re: Fannie Mae Homepath-First time homebuyer

We got approved for a low amount, and new homes around my city are very expensive. Not sure if being in central FL has anything to do with that.

Message 3 of 4
StartingOver10
Moderator Emerita

Re: Fannie Mae Homepath-First time homebuyer

I am amazed that your Realtor suggested the Fannie Mae would do those improvements. I am south of you two hours and fannie mae doesn't do those type of repairs at all here. Listen to your Realtor there - if he has experience selling selling Fannie Mae homes with Fannie making repairs like that....you are fortunate you are in an area where they will do those repairs.

 

Here they only sell AS IS and if you want those items done, then the buyer does them after closing. It sounds like you have a completely different market there.

 

As to pricing, make sure the Realtor shows you comps so you can come up with a offer that reflects the current condition or the renovated condition you are requesting.

 

Message 4 of 4
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