Homepath "Improved Properties"... Is "Fannie Mae" a quasi corrupt gov't entity now in the flipping business? Turnkey buyers beware!
I have started to run across a lot of Fannie Mae properties that have been classified as "Improved Properties". Check their website at Homepath.com to see what it is all about. I have seen the before and after on some of their projects. In my opinion I wonder if all they are doing is covering up issues (Hmm like a bad flipper would do just for profits). Oh wait then they say "don't blame us we told you to be careful" in their contract (see below) as we only hire huge corporations as sub contractors that has billions of dollars to keep you suppressed in litigation for shoddy work...
It says in the website.
"Sometimes HomePath® properties receive repairs and improvements before they are listed for sale. National and local vendors provide services to Fannie Mae, improving items such as flooring and paint. You can easily identify the properties that have had improvements – they will be noted by one of the two symbols below.
 | Properties with this logo have had certain repairs performed by The Home Depot as a preferred repair contractor for Fannie Mae. The Home Depot offers a one-year limited warranty on all repairs it performed. |
 | Properties with this logo have had certain repairs performed by Fannie Mae-approved repair contractors. |
Think about it, If flipping was so bad and not full of profits would a "kind of Gov't" agency be involved in it? An agency that is so fat with political patronage mgmt that it cannot get out of its own way. Would a corporation that skims profits off the top of their sub contractors be in the re-modelling business?
Flippers when you sell a home put the following clause/disclaimer at the bottom of your sales contract in Bold... but one VERY VERY important side note - do you have the advantage of offering your buyer loans that a mainstream mortgage company won't with taxpayer bail out money?
This is their clause in their (Homepath) website:
"Please keep in mind that Fannie Mae may not repair or replace everything in a home - we always strongly recommend that buyers hire an independent home inspector prior to purchase to identify any areas that may be of concern. Fannie Mae sells its properties "as is" and is not responsible for fixing problems after a transfer of ownership"
Wait What .... HomePath you market a property as being "repaired" and or "improved" then you say "as is"... Hmmm never said "renovated correctly" or "fully" I see.....
IMHO there is a ton of money in flipping and it trickles down in our economy the right way. I just hope the fat cats of Washington do not prevent the honest and hardworking "American" renovation specialists and home builders from doing the right thing as apposed the "corrupt Gov't thing"
MY DISCLAIMER: "BP ROCKS"...... The above is my opinion only based upon my observations only that really should not matter to anyone other than those that give a damn about the USA and the Americans that live, work, raise their families and pay taxes here...