Tuesday, March 15, 2016

Fannie Mae's Homepath Lipstick on a Pig (404 McKinley St. SE)

We just wrapped-up a truly miserable experience with a Fannie Mae property in Salem, Oregon.  Sadly, Fannie Mae complaints and controversy are nothing new.  Our particular experience, though, displayed such a clear and intentional deception, however, that I felt compelled to briefly share some of the details.

     At first glance, the McKinley property appears to be in pristine condition.  (This is no accident.)  We even inquired about possible roof issues, but the representative assured us that Fannie Mae professionals had gone through the property with a fine-toothed comb; that must have been one bad comb.  We were taken-in, offering significantly more than the asking price, which led to our misguided offer eventually being accepted.  Upon later inspection, however, we leaned the following: heating/cooling system requires replacement, roof requires replacement, compressed wood siding needs to be completely or partially replaced (west side), and animals (alive and dead) have taken up residence under the house.  Oh, there's also likely asbestos in the garage.  The repair bill for the above?  Well, let's just say that it's in excess of $30,000, or so.  Without a home inspector (or our great realtor), we could have missed all of this.

     When made aware of deficiencies, Fannie Mae's local representative (Coldwell Banker's Brian Smith) declined to make any concessions.   It was, we were told, an as-is deal.  Yes, but it's crystal clear what they were trying to do with this property; it was lipstick on a pig.  A naive buyer could have been sent to financial ruin with this house by an organization his tax dollars helped bail-out.  Incompetence or deception?  You decide.

     If you are a buyer considering 404 McKinley St, please contact us for the complete inspection report--at no cost to you. Don't waste your time on Fannie Mae.

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