Fannie Mae and price reduction for a major issue.
I have an approved Fannie Mae SS with Seterus. Things have gone very smoothly until the current buyer (who is also my customer) had the utilities turned on to do the inspection and we could see that there is a lot of mold in the property! He had a mold inspector come out and the guy deemed the property inhabitable. He also gave him a price of $5,000. to do the remediation. The buyer wants to buy it a reduction of $8,000.
Any thoughts on this? Has anyone had Fannie Mae adjust for these things with a buyer they already have under contract?
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Sonia - I would definitely email the mold report and the quote to Seterus.
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Permalink Reply by Short Sale Superstars LLC on
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Sonia,
Submit for a deal change if your buyer is looking for a price reduction, but ensure to advise your client that it may not be approved. When a deal is resubmitted for an approval anything is possible. I'd double check when the value on file expires with the bank expires prior to submitting for a deal change as if it is going to expire shortly it will raise additional potential red flags for the transaction. I'd open up a case with FNMA if you need assistance on the value dispute via Homepath.
If you have any questions in regards to how to submit for a deal change please let me know.
310-564-6389
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