Posted by Mike on August 01, 2003 at 16:53:35:
Sounds like a good deal make your offer subject to an inspection then you wont be out anything if the house has a problem.
Possible deal found on the Internet??? - Posted by beck4353
Posted by beck4353 on August 01, 2003 at 13:29:08:
I spend a lot of time looking for properties on the Internet. Mostly REO’s (I am looking to rehab).
I was searching Fannie Mae’s REO’s and found one in particular that the asking price is 76k. I looked at domania and the last sale listed on the property was in Feb 2001 for 140k!
Does anyone have any experience with properties through Fannie Mae? How can there be such a big swing in price over 2 years? I realize there could be a host of problems, but I wouldn’t buy a perfect house for rehab.
My question is: does this sound too good to be true?
My Fannie Mae Experience - Posted by Gunn (Ga)
Posted by Gunn (Ga) on August 02, 2003 at 10:34:39:
I recently purchased a home from Fannie Mae for 38k. The same property sold in 2001 for 72k.
Now it did need a good bit of work, but I only put 3k into it and have it under contract to sell for 70k.
I have looked at a lot of Fannie Mae properties, but this was only the second one I found in my area that was a good deal for an investor. Mostly the FM’s in my area are a decent deal for owner occupants who want to swap a little labor for a little equity.