Anyone with FannieMae/homepath experience?

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I am looking a homepath/FannieMae house and I am offering 70k for it. It needs around 30k investment for improvement and make it a home. Altogether it makes the price of property to be around 100k. But, after that much extra investment the value of house will be around 110k in current market. Sometimes the house might be a real trash because no one lived there for long time, it came through lenthy foreclosure process and previous owner just rips it off and leave. And there might be chances that I need to put more money for repairs. I am just wondering shall I take this bet? I will be thankful if someone shares his/her homepath experience. Edit: PS. Numbers are ratio of the real figures. Last edited: 16-Mar-13 08:10 PM

kalikopoi · Mar 16, 2013 8:06 PM · 2,733 views

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Hard to say since u said nos are in ratios. 10k isn't worth the risk. But if its 100k then sure.

Kiddo · Mar 17, 2013 12:00 AM

Fixer are always risk , but there is no major damage in structure , plumbing roofing etc..it should be fine. I love this concept , but afraid cause of lack of knowledge. If you could get trusted inspector, evaluater & good contractor and numbers align and it should be good project. But again it a little risk.

Yaaku · Mar 17, 2013 6:21 AM

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