Fannie Mae - Questions on Investing. - Posted by Mark - IL

Posted by dewCO on October 29, 2000 at 20:16:38:

Hard to tell with REO properties. Some have their own set pattern the they counter and set their prices and some…who knows. You just have to keep offering what makes sense for you. Don’t think anything is ever set, but some of them are so over priced it takes a while (months) until they decide they are going to neogtiate.

Fannie Mae - Questions on Investing. - Posted by Mark - IL

Posted by Mark - IL on October 28, 2000 at 11:04:27:

Just wondering if Any of you have ever bought a Fannie Mae Property. I do relize they are properties that have been forclosed on. I have come across some at a rather “nice” price. But also relize it is priced this way for a reason. (need of some serious work. Any case would like to buy them to either rent out or to flip. I will try to do all light work myself and hire out for the heavy jobs. Please post a response with your past experiences. Good or bad or what your 2 cents would be. As again any info would be greatly helpful.
Thanks

Re: Fannie Mae - Questions on Investing. Part II - Posted by Mark - IL

Posted by Mark - IL on October 28, 2000 at 11:07:01:

Forgot to mention. What type of offers have you made to fannie mae. How flexible are they and what kind of response do they have toward investors with a possible all cash deal. what kind of dicount can you expect. Thanks again

Re: Fannie Mae - Questions on Investing. Part II - Posted by dewCO

Posted by dewCO on October 28, 2000 at 23:14:24:

These are no different than any other property that needs work. You have to offer what you need to flip it or get the work done, and make a profit.

Gneerally they are listed with a real estate agent, which is the thing that might make a difference. Can use your own contract, need to use your state approved contract (the agent will have one), some times they want you to prove you have the cash to close if you are making an all cash offer, stuff like that.

Thanks for the response, Just a few more Questions - Posted by Mark - IL

Posted by Mark - IL on October 29, 2000 at 05:48:15:

Thanks for the reply. If a all cash offer is made, is there a rule of thumb as to how low the offer can be, for example a house is listed at $20,000 would they except a offer at $12,000 for all cash. Or would fannie mae not entertain a offer like that, or will they counter? I do relize it depends on the shape of the property. Just woundering if the offer has to be close to the asking price. Again thanks for the help.
Mark.