Advice on properties that won’t pass inspection.
I am looking at purchasing a foreclosure property owned by Fannie Mae. The property has some damage by a tree falling. The eave of the house was damaged and needs repaired. The power pole was also knocked down by the tree. The house does not currently have power and I was told that the house would not pass inspection for me to get a conventional loan. I am looking to purchase this property to rehab and make my residence. Then I could make my current residence which I own my first rental property. I just had some worries about buying the property without a professional inspection done. I have viewed the place myself and think it would not be hard the rehab as which I could do most of. Anyone that has dealt with foreclosures with Fannie Mae in the past that can offer some advice? All will be appreciated. Thanks