Home Buying in Concord>Question Details

Pal, Home Buyer in Concord, NH

if a home is in foreclosure, say for 100.000, and it is a fannie mae is it true that you cannot make an offer, that fmae is frim on the selling price?

Asked by Pal, Concord, NH Tue Apr 6, 2010

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Hello Pal,

I have seen FNMA owned properties reduce their prices (because they couldn't sell at original price).
I have also seen FNMA owned properties selling for less than offered.

That said, foreclosures are very hot.
There are a lot of people hunting foreclosures hoping to get a better deal.
That's why there are multiple offer situations and bidding wars on foreclosures.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Apr 26, 2012
In my experience, Fannie Mae is quite receptive to offers and almost any agent would be happy to approach them on your behalf. In the last two years I have purchased / rehabbed / re-sold three Fannie Mae properties myself... and all three were purchased below the 'asking price'. If you like the property, do not hesitate to make an offer...
0 votes Thank Flag Link Wed Mar 28, 2012
No FNMA is not firm on their asking price. When a home is taken back at foreclosure auction, after it is vacated and cleaned up, at least 1 broker price opinion and an appraisal is completed to obtain the market value in todays market. The price is usually set at or below market value. What someone owed or what they purchased it for has no bearing on what the asking price will be. FNMA lists with a local broker who will show the home and take offers and submit to fnma for consideration. Terms are just as important as price such as quick closings and no contingincies. I hope i could help.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Apr 8, 2010
Not necessarily. Foreclosure properties are generally priced aggressively however, so the bank may not be willing to negotiate much lower than the asking price. It's always worth a shot though an offer if you're truly interested in the home!
0 votes Thank Flag Link Wed Apr 7, 2010
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