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Jeff Nobleza's Blog

By Jeff Nobleza | Broker in 60640

Fannie Mae properties in Rogers Park

A client recently asked me if a home for sale is owned by Fannie Mae, can we buy the properties at significantly less than asking price. I responded to her that these homes should be treated like any other home for sale. Research should be done to figure out a range of what a home is worth and then bid based on that. I also stated that putting offers significantly below asking price probably won't lead to success.

I pulled up sales data from the MLS within a half mile radius from the intersection of Paulina and Greenview and found 13 Fannie Mae/Homepath condos have closed in the last six months. Of the units that sold, 7 sold at or above asking price. In addition, most of these homes sold in under two weeks.

Moral of the story- don't bid low and act fast if you'd like to purchase a Fannie Mae Homepath property.

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