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O/T..Real Estate ???

Discussion in 'Uncategorized Threads' started by chiefjon, Aug 30, 2008.

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  1. chiefjon

    chiefjon Active Member

    Joined:
    Jan 29, 1998
    Messages:
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    Location:
    El Dorado Hills, CA
    For you real estate people, a little help, please. If a house is repo'ed by Fannie Mae and then put on the market for sale, with an asking price, how firm is that price? Will they accept a lower offer or is the price that Fannie Mae sets firm?

    Thanks for any fedback.

    JON
     
  2. Jawhawker

    Jawhawker TS Member

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    Two things will enter in on price set, square footage and amount owed against the property. They are not firm however as they are not in the business of buying and selling of such, just lending money. If you can detect issues with the property, such as foundation or moisture intrusion issues, sagging floors or roofs, really any issue that needs care and attention then offer and set on it. What you be dealing with are flippers and landlords buying for their purposes. If you can walk right in and start living there then you most likely had better get close to asking price if you want it.
     
  3. W.P.T.

    W.P.T. TS Member

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    8,371
    You can make an offer and its buyer beware because what you get is what you bought no exceptions ... I have a friend who is in the business of buying and selling them at a profit ... Buy low, sell higher but way under the listed price ... My brother just bid $145,000 on a house that was listed at $236,000 and they countered his offer to $155,700 and now they want the person who is trying to do the short sale to come up with another $15,000 before they will make the deal, so for now its on ice ... It can get very complicated and its always buyer beware and "as is, as shown" ...If you must, get an Agent/Lawyer who knows what they are doing to guide you because thats the most protection you will get ... WPT ... (YAC) ...
     
  4. Big Jack

    Big Jack Well-Known Member

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    Location:
    Erie, Pa
    If its been repo'ed, the lender has taken title for the property. There is no short sale involvement by the previous owner. If the sale is being done by the owner with third party approval, exactly opposite, the lender makes the final decision. Either way, it's only worth what a buyer will pay and the seller (whoever that happens to be) agrees to accept. Just make sure the title is clean and no leins follow the property. Hire a Real Estate Attorney to assist in the closing.
     
  5. phirel

    phirel TS Member

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    Buying a house from FNMA is not much different from buying the house from a private individual. FNMA will not help with points/closing costs and you will get a Special Warranty deed instead of a General Warranty deed. This would not concern me as long as a good title search has been done. FNMA is a highly motivated seller and if the house has been on the market for 180 days or so, FNMA might take a very low offer. Winter is not too far away. FNMA knows that in a couple of months it will have to spend some more money on the house to winterize it and the last thing FNMA wants to do is put more money into a bad loan.

    Pat Ireland
     
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