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For those of you who list Fannie Mae property - if a lender calls out a repair required for financing, is Fannie Mae likely to make the repair? I am sure it is on a case by case basis, but I was just told by the listing broker, that IF Fannie Mae makes a lender required repair, the cost is then tacked onto the purchase price.......have you had this experience?
Seems like a unilateral decision to me, plus the buyer has no control over the cost or quality of the repair they are forced to finance.
Thanks to all who respond.
Fannie Mae will not allow repairs of any kind for a HECM reverse mortgage REO. I don't have any other FNMA REO experience to answer your specific question.
Thanks for replying, CeCe. I am not sure if this is a Home Equity Conversion Mortgage reverse mortgage REO.
It is a completely case by case basis. Depends not only on manager but the price negotiated. Often if buyer pays list price or close, they are willing. If not, FannieMae requires the buyer to pay a FannieMae approved contractor to do any work prior to closing, btw.
Linda good day to you Ma'am it has been a while since we talked. This is only my thought but all terms of a contract should be presented to the asset manager for review. One can never tell what they will or will not do. Present all terms in writing and see how it goes. All they can do is say no so what does it hurt to ask. As a listing broker it is not my place to say they will or won't do something. Have a blessed night Linda