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?
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!
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.
