The vacant, dilapidated split-level rancher with the broken fence and dangling gutters has long been an eyesore to neighbors on Montrose Street in Alexandria. But Glen E. Scheirer saw it as an opportunity to snap up a dramatically discounted house directly across the street from his son and daughter-in-law, who have a son and another child on the way.
Last May, Scheirer made an all-cash offer of $375,000 for the foreclosure, which he figured would need about $100,000 more in repairs. Fannie Mae accepted the offer, and Scheirer began carting his belongings — including newly purchased appliances and furniture — from his Chantilly home to his son’s garage in preparation for the impending move.
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But last month, Fannie Mae canceled the deal because it couldn’t determine whether the foreclosure had been done properly, and Scheirer is back to square one.
Read more at: http://www.washingtonpost.com/realestate/foreclosure-sales-potential-bargains-can-carry-big-risks/2013/02/21/403d09e6-7a1b-11e2-9a75-dab0201670da_story.html?hpid=z11
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