OFFERS ON FANNIE MAES
IS IT WORTH IT OR A WASTE OF TIME?..THEY SEEM TO BE LISTED AT MARKET PRICE. HAS ANYONE HAD ANY DEALINGS W/ THEM & IF SO WHAT WAS THE BEST YOU COULD DO...90% 80% OR WHAT OF THEIR LISTING PRICE...THANK YOU ALL.
If they are listed at or close to market value... your job will be to convince the owner that the premises isn't as valuable as they might think.
Many of the same techniques used in a preforeclosure short sale are transferrable into a proposal for a discounted REO purchase.
What does this mean? It means that you have to justify whatever offer you make. The beauty of REO purchase is that you have access to the property... and can find all the defects and flaws that can be used to denigrate it's value.
Remember, the owner probably has never even seen the property... but relies upon a (probably biased) BPO to set the asking price.[ Edited by TheShortSalePro on Date 02/19/2004 ]
I bought one on 07/11/2003, a 2 unit. I paid $25k. I put about 6K into it. It is now worth $68k. I guess it depends on the property. It was listed at $35k, I offered 25K.
Lori
[addsig]
thank you Short Sale Pro & Lori ...your positive confirmation is what I was looking for ...Lori, your acquisition from Fannie Mae was 71.43% of the ask...that's a great discount...makes me wonder if that could apply across the board...again thank you both...C. Walker