A Fannie Mae Homepath property is currently for sale in my area it's been on the market for a few weeks. It's asking price is about 30% cheaper than other homes in the area due to about $100K in liens (10 years of fines w/ city code enforcement -fence with sub par materials). The city has stated "once you have the house under contract we can discuss if a lien reduction is an option."
I have 50% of the asking price in cash but if the liens are not able to be significantly negotiated down the home would not be a terrible value. The house is in a rapidly gentrifying neighborhood that the city has made a priority to clean up.
If I place the house under contract am I at stake to loose any money besides the fees for a building inspection?
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