Gary & Jill Squeeze An Additional 3K from Fannie Mae

We were doing our inspection on this Fannie Mae property we locked up for $ 44,300. We found a few things that needed repairs or replacing totalling about $ 1000. We knew that the house needs the roof replaced & figured it would run about $ 5000. To our surprise our 1st estimate was $ 7,500.
We contacted the agent & told him to go back to the bank with the repair cost, explaining that anyone buying the house would have to replace the roof in order to obtain homeowners insurance. The agent told us the next cash bid on the property was only $ 500.00 less than ours; we still wanted him to go in with the roof proposal. Fannie Mae agreed to drop the price of the house an additional $ 3000.00 for the roof problem.
In the meantime we found a roofer that will do it for $ 6800, leaving enough surplus money to have the few other things taken care of & start the rehab!
It pays to ask! We're going to try the same tactic on another house we are closing on Nov. 15th.