Thu, Jul 02, 2009
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What % Should I Offer On A Fannie Reo In A Bad Area Of Atlanta? |
ralphn404
2 Posts
Member Since: 01/26/2008
Atlanta, GA
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Posted: 01:22 on 02-06-2008
i found a condo/fixer upper in a bad area and it could work. the area is coming back.
what is the average discount that is being offered on a fannie mae reo? THANKS
[ Edited by ralphn404 on Date 02/06/2008 ]
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ypochris
2200 Posts
Member Since: 03/22/2006
Lansing, MI
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Posted: 09:17 on 02-06-2008
Darn, I used to know the answer to this...
How it works is your offer goes into a computer, and if the NET to Fannie Mae is below a certain percentage of the listed price- was it 86%?- even by a penny, it is rejected out of hand. Even if they drop the price the next day and accept a lower offer, which often happens. So it is important to use a Realtor with as low a commission as you can find- because in this case, you are paying the commission even though it is deducted from your offering price. Also, you want to resubmit the offer daily once you get into the daily bid period, as the price may drop that day and they don't look back at prior offers.
Chris
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RALPHN504
128 Posts
Member Since: 05/16/2003
Atlanta, GA
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Posted: 10:16 on 02-06-2008
WOW-THANKS
ps: this fannie price has been the same for months or could you possibly have it confused with fha/hud reos?
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ypochris
2200 Posts
Member Since: 03/22/2006
Lansing, MI
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Posted: 19:18 on 02-06-2008
Sorry, you are absolutely right! I am thinking FHA rather than Fannie Mae.
I think I am trying too hard to answer questions with too little time and too much else going on. Time to kick back a bit and let other people work it for a while...
Chris
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cjmazur
4284 Posts
Member Since: 07/23/2003
Cupertino, CA
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Posted: 09:39 on 02-07-2008
they and freddie mac have some odd guideline like not < 70%.
However, In a phone conversation they said:
Feel free to submit a lesser offer and we will evaluate it.
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