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I'm closing on a fannie mae manufactured home in 7 days. I had a inspection 3 weeks ago and everything looked good. Yesterday I went in the crawl space and it had 2 inches water over 90% of floor. Its been raining with no gutters installed. I found water coming in where the deck attaches to the house, water drains back toward the house then down against the floor joist and into the middle of the crawl. It was OK at inspection. 80K on a good day for 30K deal. If I back out I lose 1000 dep and apx $600 in fees. This defect has been there all along just unnoticed.
Q - Has anyone sucessfully gone back to seller (Fannie Mae in my case) after signing contract and added addendum to reduce purchase price due to new information?
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Well with Fannie Mae you usually only have 7 days from the time the contract was verbally accepted to get a price reduction unless you alter the addendum they submit with your accepted offer. I have gotten price reductions from them several times (I always ask for a reduction no matter what) but I am always withing my inspection period when I submit my reduction amount.
Question for you. Why are you concerned about 2 inches of water in a crawl space? It sounds like it would be easy to fix. If you are getting the house that cheap I would buy it in a heartbeat.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Why would you want to back out when you've gotten the property for a great deal? I rather spend another $500.00-$1,000.00 putting up new gutters then lose a great deal. I would buy it too!
Thanks, thats probably what I heard about doing. Its my first deal so i'm a bit nervous thats all. Thinking there might be structural damage and having to lift the house to repair in a worst case. I dont think it will be that bad though. All the numbers tell me to do the deal so here I go. The 80K on good day is when the good days come back
But, its still gonna cash flo for me even with the tax man eating away at it.
Thanks for the tip and the push back on track.
Please give us an update. Did the closing go okay? Have you had a chance to address the drainage problem? We always like to hear about successful purchases.
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I agree with everyone here. This sounds like a cheap fix. I would not complain to fannie mae.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
Did you say it is a manufactured home...as in mobile home?
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