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We won't have electric for appraisal of FM home we are purchasing.How much is that going to hurt us?

The house had electrical violations and we cannot get an electrician in there in time.  Therefore their will still be some violations and no electric for the appraisal.  Is this a kiss of death?
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July 12 2011 - Saint Louis
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Answers (3)

I am assuming FM = Fannie Mae home.  The appraisal can be done without electricity however it will be a condition on the appraisal and ultimately a condition for your loan docs/financing.  You can ask Fannie Mae for an extension or request for repairs.  I sell Fannie Mae REOs and have seen Fannie Mae do repairs in some, not all, situations.

I would also recommend to check the property and find out if the property is HomePath financing approved.  HomePath is financing very similar to FHA, except it is for Fannie Mae foreclosures only.  HomePath does not require an appraisal (warning: this is only a good option if you are willing to take on all violation and repair liabilities).  You are also waiving obtaining an appraisal.

Another option is to check if the property is HomePath Renovation Mortgage approved.  This does require an appraisal but provides you with funds for repairs.  Best advice is talk to the Listing Agent for their recommendation because they will have the most experience with the asset manager and the specific portfolio.

You can always go to Homepath.com and check if the Fannie Mae property is HomePath approved.

Good luck,
Marc
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July 12 2011
Its definitely an issue and before you move another inch, talk to your lender to see if they are going to require this.  If they do then you may be out of options as most foreclosures do not allow repairs to be done before closing. 
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July 12 2011
No, but you'll have Lender required repairs and a required re-inspect prior to closing.
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July 12 2011
 
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