How to Buy a FNMA foreclosure - Part 7

By
Real Estate Agent with Keller Williams Eastside Market Center



How to Buy a FNMA foreclosure - Part 7
The dewinterization process.

How to Buy a FNMA foreclosure - Part 7As soon as the offer is accepted all around (mutual acceptance) you the selling agent need to begin the process of inspecting the property. We assume you have a list of inspectors that you have worked with, or you have some system of helping your buyer select who to have do the inspection.

On a property with a person as an owner, you have four concerns:
1. Choose a time when the inspector can do the inspection
2. Make sure the buyer(s) can take off work and be at the inspection
3. Make sure the inspection falls at a time when you can attend.How to Buy a FNMA foreclosure - Part 7
4. Make sure the seller knows about the inspection and can vacate the property for the entire time

On a FNMA owned property you also have four concerns. The first three are the same, but the fourth is different. From September 1 to May 1 each year, FNMA properties in the colder areas of the country are winterized. So you need to have it dewinterized for the inspection.
4. Property is vacant and dewinterized. Make sure the listing agent is informed of the time of the inspection with enough lag time to give Safegaurd a full 48 hours (business days only) to do the dewinterization before your inspection.
How to Buy a FNMA foreclosure - Part 7
We have been paying the water bill, so back payments have been caught up, and the current water bill is being paid. The water meter has even been put back in the ground (yes, we did have one with a $6300 water bill and the city had finally removed the entire water meter)

But the water is off to the property, the pipes are drained and blown out with air, the toilet tanks are drained and the hot water tank is drained.The dewinterizing company has put biodegradable antifreeze in all the drains.
How to Buy a FNMA foreclosure - Part 7
You need access to all those areas to do a proper inspection.

Gas should be on (if there is gas to the property) and the heat should be working. Remember to turn the heat back down after you have completed the inspection.

We have put the electricity in our name and we are paying the electric bill each month. If for any reason the lights did not work when you showed the property, please let us know. The electricity will need to be on fHow to Buy a FNMA foreclosure - Part 7or you to do the inspection unless there happens to be severe damage to the electrical system..

After your inspection is complete and we are proceeding to closing, the property will most likely be RE-winterized for the period of time from inspection to closing.

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Ambassador
743,566
Suzanne McLaughlin
Wright & Sherburne Counties Realtor
Sabinske & Associates, Inc. (Albertville, St. Michael)

Oh, the joys of winterizing property and dewinterizing and rewinterizing.  I haven't sold a bank-owned in two years, and I am not unhappy about that!

March 26, 2011 06:13 AM
Rainmaker
1,753,001
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Good post. I do not like the process of dewinterizing and rewinterizing.

March 26, 2011 06:16 AM
Rainmaker
466,935
Janice Roosevelt
OICP ABR, ePRO,Ecobroker
SUSAN MANNERS TEAM, Berkshire Hathaway Home Services Fox & Roach

phil, there is a lot to do with this whole process.

March 26, 2011 07:35 AM
Rainmaker
568,777
Phil Leng
Phil Leng Team - Residential Real Estate Experts &
Keller Williams Eastside Market Center

Suzanne - bank owned sales add a layer of complexity! Glad you don't have to deal with it!

Gita - Thanks so much for the reblog!

Janice - I constantly hear complaints about dealing with REO agents. My goal is to educate the selling agents so they enjoy selling my listings, instead of dreading it!

March 27, 2011 10:55 AM
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Rainmaker
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Phil Leng

Phil Leng Team - Residential Real Estate Experts &
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Phil Leng
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