I am a first time home buyer. After looking for property for couple of months. I found a Fannie Mae Duplex that I liked. Asking price was 350k, I offered 346k, they counter 348k and I accepted. I initial ask for vacant house since there are tenants living in both apartments. They counter with one apartment vacant and I accept. We are probably going to start attorney review process tomorrow.
My question concern is -I know Fannie Mae properties are As Is, but I was wondering after inspection is done what if there is significant repair cost. Will Fannie Mae negotiate in the price?
Also after inspection and everything else is set and done. We are not closing until mid January, I want to know what if the tenant that is being evicted damages the property what happens then.
What to expect in the attorney review. What should I look for , be concern with?
Thanks any info will be greatly appreciated.