As a buyer am I still protected by inspection contingencies for a Fannie Mae Homepath property despite them being "as is"?
My wife and I are submitting an offer on a Fannie Mae property, and we know we'll have to replace the roof due to seeing multiple water stains on the ceiling and some mold on the ceiling in one of the closets. We're also budgeting for mold remediation, obviously. However, let's say the inspection reveals that the mold is way more extensive (e.g., all over the attic and in all the walls) and will cost way more than we can afford, are we still protected by our inspection contingency and the Fannie Mae addendum that also includes an inspection contingency?
If I'm reading the Fannie Mae addendum correctly, it sounds like they allow the buyer to note anything that they don't like from the inspection results, and the seller can fix/repair it if they want (I realize they likely won't). If the seller opts not to fix/repair, it says the buyer can back out and get their earnest money back. However, there is also another part that says something specifically about mold and basically that the buyer is satisfied with the condition of the home regardless of any past or present mold. Would the inspection contingency (in Fannie Mae's own addendum) still allow us to back out if the house turns out to be completely covered in mold in the attic?
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