Sunday, December 13, 2009

updates on the homestead . . .

When you buy a house from Fannie Mae (Federal National Mortgage Association) it is always with the intention of buying it "As Is." Fannie Mae, owned by private investors, buys homes that are heading towards foreclosure so that money is still available for people to borrow for home purchasing. (just a little about the many things Fannie Mae was created for)

This farm we just purchased was in that same situation. The previous owners were not able to keep the place for some reason, so Fannie Mae picked it up. I knew that when working with a corporation instead of a family owned house that I was buying it as is and would get no help with anything that needed repaired in the home.

Two weeks ago we got the word that the boiler/radiator heating system needed work before we could heat the house. The inspector was unable to check the water system during his inspection and recommended that I get a plumber to come in and give me a professional opinion on what the problems were. So I did. When we were at the house, it toook him a few hours to locate the problems, come up with a solution, and a quote on what it would cost us to get EVERYTHING up running and up to code in the house. I expected it to be a large number, and it was! 10K would do the trick. OUCH! Knowing that this was the house we all want to live in (the rest of my life) I thought it to be doable.

As I was working through more of the paperwork necessary for the loan to close, I got a check up call from my realtor. He said the plumber hired by Fannie Mae was going to the house the next day to fix the radiator system as per their request. Confusing, but who's to complain about them fixing things in the house that I am purchasing. The realtor even called me and asked if I wanted old style radiators to replace the ones that don't work, or new updated ones. What has been interesting in this whole situation is that someone is footing the bill for all this work to be done to the house that I agreed to buy "As Is." In addition to figuring out the heating system, which will need more work that he'll get to this next week, he has aslo fixed SEVERAL other of the plumbing issues of the home that I had gotten a quote on. I told the realtor to have the plumber keep a list of the items he has attended to so I can check them off my list of things to get fixed. The realtor has no idea why Fannie Mae is deciding to do this work in the house. They have not done it with any other As Is home he has sold. However, we know the source of this work on our behalf. God has orchestrated yet another way for Him to show His kindness to us.

2 comments:

Jeffery Weita said...

It's nice to seem my tax dollars going to good use! Milk it for all it is worth. Take what you can get cause you'll need all the money you can get to run the farm. Every penny you save is as good another chicken in the pot!

Barbara said...

These are the prayers you have been praying for years coming home -- in every sense of the word. Faith and patience! I love it! "Dreams come true" arriving at Christmas ... I can hear Ildi's giggly laughter of amazed joy ringing in the heavens! I am so thrilled for you guys!!!