Generally, Fannie Mae’s designated broker, agent, or property management company will complete all necessary inspections for acquired properties. However, under certain circumstances, Fannie Mae may require the servicer to conduct a post-foreclosure sale inspection for an acquired property.
The servicer must also conduct any post-foreclosure sale property inspections that FHA and VA require for properties that are conveyed to them.
Fannie Mae will reimburse the servicer for the costs of any post-foreclosure property inspection in the following instances:
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when Fannie Mae requires the servicer to conduct the post-foreclosure sale property inspection; and
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when the post-foreclosure sale inspection is required by FHA and VA, to the extent that the expenses can legitimately be included in an insurance or loan guaranty claim.
See D2-2-10, Requirements for Performing Property Inspections for requirements when a property inspection is needed and A4-2.1-02, Property Inspection Vendor Management and Oversight for additional requirements for property inspection vendors. The servicer must also follow the procedures in Requesting Reimbursement for Property Inspections and Property Preservation Expenses in F-1-05, Expense Reimbursement to seek reimbursement for inspection costs.
