1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Question about Fannie Mae foreclosures?

Discussion in 'BBS Hangout' started by Pete Chilcutt, Dec 24, 2009.

  1. Pete Chilcutt

    Pete Chilcutt Contributing Member

    Joined:
    Jan 28, 2009
    Messages:
    5,535
    Likes Received:
    280
    We are trying to buy a foreclosed house that Fannie Mae owns. The house is listed $50,000 above appraised value, which I thought was weird since most foreclosed homes usually go under Appraised value.

    The house doesn't look like a foreclosed home and is beautiful...but I've heard Fannie Mae NEVER budges with their listing prices, does anyone have any insight or knowledge of Fannie Mae and their foreclosed properties, and why they never budge?
     
  2. BmwM3

    BmwM3 Contributing Member

    Joined:
    May 19, 2002
    Messages:
    3,896
    Likes Received:
    255
    Do you know what houses are going for in the area? It would never hurt to make an offer.
     
  3. Pete Chilcutt

    Pete Chilcutt Contributing Member

    Joined:
    Jan 28, 2009
    Messages:
    5,535
    Likes Received:
    280
    We made an offer of 346,000 which is the AV of the house. The last 5 houses that went for sale in the neighborhood all went under AV and at around $50-70 square foot.

    They called us back and said they will take 2,000 off the LP

    The house was on the market for the same price for 6 months and went foreclosed, now they are trying to sell it for the same price that it went foreclosed in...

    frustrating!
     
  4. BmwM3

    BmwM3 Contributing Member

    Joined:
    May 19, 2002
    Messages:
    3,896
    Likes Received:
    255
    Are you looking at the tax appraisal value? If you are, don't base your offer on that. Get a realtor or someone to do a comparative market analysis of the houses in the area and see if it's at least close to the asking price. If it's over the cma they are just waiting for a sucker. Don't be that sucker unless you realllly want the house. If not and no offers come in, they will eventually lower it.
     

Share This Page

  • About ClutchFans

    Since 1996, ClutchFans has been loud and proud covering the Houston Rockets, helping set an industry standard for team fan sites. The forums have been a home for Houston sports fans as well as basketball fanatics around the globe.

  • Support ClutchFans!

    If you find that ClutchFans is a valuable resource for you, please consider becoming a Supporting Member. Supporting Members can upload photos and attachments directly to their posts, customize their user title and more. Gold Supporters see zero ads!


    Upgrade Now