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Buying a "Fannie Mae" house
After reading the Short sale thread I wanted to put this out there and hopefully get some advice. Back in November we found a house on Home Path website. Put in offer with the listing agent and it was accepted. Background info-The house is on a 35 acres plot. Whats up for sale is a 10 acre tract of that 35 acres. The issue is that there were 11 liens on the property and only 2 are left, which total about 60K. The bigger issue and what has to be solved and is a contingent in my contract, is that one of the property lines cuts almost through the center of the house. So, what I am being told, is that once the liens are satisfied a new survey will be done to rectify this issue. As a side note the surround acreage is now bank owned. The original owner had all 35 acres, divorce she got the 10 acre tract.
Other than the obvious title search what else should I be aware of or questions I should be asking in this situation?
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