Newsflash: Question about city liens on a Fanny Mae home

A Fannie Mae Homepath property is currently for sale in my area it’s been on the market for a few weeks. It’s asking price is about 30% cheaper than other homes in the area due to about $100K in liens (10 years of fines w/ city code enforcement -fence with sub par materials). The city has stated “once you have the house under contract we can discuss if a lien reduction is an option.”I have 50% of the asking price in cash but if the liens are not able to be significantly negotiated down the home would not be a terrible value. The house is in a rapidly gentrifying neighborhood that the city has made a priority to clean up.If I place the house under contract am I at stake to loose any money besides the fees for a building inspection?

Read more at https://www.reddit.com/r/RealEstate/comments/6jms9b/question_about_city_liens_on_a_fanny_mae_home/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s