If a Fannie Mae house is listed at 79k and has been on the market for 150 days and FHA will not finace the property. Do you think they will go down?

Asked by Jessica, Dallas, GA Sun Nov 15, 2009

to 50k?

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3
Hank Miller, Agent, Alpharetta, GA
Tue Nov 17, 2009
Consult with your agent and make an offer based upon the current data, who cares what it's listed for. If FHA won't finance the house that tells me that there are repairs required so you'll need to explore other options. Obviously you need to be completely qualified and ready to close when you make the offer.

Fannie and other organizations holding distressed properties want them sold for as much as possible, as fast as possible to the most qualified buyers. I'm a Fannie Mae foreclosure appraiser and I hear this regularly from their agents. Get an experienced agent, write a strong contract, treat it like the business it is and don't let it get personal.

Hank
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Dena Hoggard, Agent, Atlanta, GA
Mon Nov 16, 2009
It has been my experience while working with buyers and foreclosed properties that the sellers are pricing them at what they want to receive for them. One thing they may be willing to do with a full price offer is pay all the closing cost. Just because it won't pass FHA does not make it unsellable. There are loan programs available like 203k that will allow you to buy a property that won't pass FHA and make repairs that need to be made. I have a lender I work with that has a great product available to finance these types of loans. I would be glad to share his name with you if you would like to contact me. Good luck in your search.
0 votes
Prissy Dixon, Agent, Marietta, GA
Sun Nov 15, 2009
The banks have been pricing more agressively of late and sticking closer to their asking price, but if this property has been on the market for that long they might be more open to lower offers. If you would like you can contact me with the property address and I can let you know what other foreclosures in the area are going for so you will be more prepared to make your offer.

Prissy Dixon
404-408-4941
prissydixon@solidsourcerealty.com
Web Reference:  http://www.prissydixon.com
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