HELP !!!! Urgent replies needed Fannie Mae

Is still $30,000 cash (available imediatley). I have ready to go: Proof of funds letter, Intent to buy letter, Contract from MY realtor, photos, 5 comps, estimate of repairs.

Plus, we ARE willing to pay for the realtor fees, all taxes due, settlement/closing costs, HOA Fees, etc.

How have things progressed? I hope you got some answers to your questions. I'm pretty new to the REI thing so I unfortunately do not have any answers, but did want to wish you success on this deal!

Is there an experienced person out there that maybe can give them some advice / suggestions?

Good luck.....

i HAVE HAD THAT HAPPEN TO ME TOO. I FOUND OUT WHO THE REALTOR WAS GOING TO BE BY CALLING LOCAL REAL ESTATE AGENCIES, USUALLY ONLY ONE OR TWO SEEM TO RECEIVE THE FREDDIE MAC, FANNIES AND VA'S IN OUR AREA, THEN I CONTACTED THE REALTOR IMMEDIATLEY BEFORE SHE EVEN GOT THE PROPERTY. SHE CHECKED INTO IT TO VERIFY SHE WAS GETTING THAT LISTING AND PUT ME FIRST ON THE LIST TO MAKE AN OFFER. IT TOOK A WHILE FOR THE HOUSE TO GO THRU THE SYSTEM TO GET TO HER BUT I KEPY CALLING ALMOST DAILY FOR A MONTH OR SO. SUPPOSEDLY THERE IS A RULE IT HAS TO BE PUT ON THE MULTILIST BEFORE THE REALTOR CAN SELL IT.ANYWAY WITH PERSISTANCE I DID GET THE HOUSE.!!!
KEEP TRYING AND KEEP TRACK OF IT.
WISHING YOU SUCCESS.
TRISH

Thanks for your reply. What was your offer.....what was their asking price? Do you know what the house's starting bid was at the auction (when it did not sell).

Tell me about your deal?

WE LET IT GO THRU FORECLOSURE AUCTION AT THE SHERRIFF SALE AND WATCHED THE BANK GET IT BACK TO ENSURE NO OUTSTANDING LIENS ON THE HOUSE.(MNY PEOPLE DROVE BT BEFORE THE AUCTION BUT WERE DISCOURAGED BY THE LOOKS OF IT, ON A DIRT LANE ETC.) WE JUST FOLLOWED IT. IT HAPPENED TO BE ACROSS THE STREET FROM ME AND I KNEW THE OWNER FOR TWENTY YEARS, WE HAD OFFERED HIM TO PAY OFF OR ASSUME HIS MORTGAGE AND GIVE HIM SOME MONEY TO RELOCATE AND SAVE HIS CREDIT, BUT HE DECLINED. ANYWAY HE DIDNT OWE THAT MUCH, MAYBE 40+K WITH FEES ETC. THE REALTOR LISTED IT AT 55K AND THATS WHAT WE OFFERED AS A CASH DEAL AND SIGNED PAPERS AS SOON AS FANNIE GAVE IT TO THE REALTOR.WE RAN UP TO THE REALTORS IMMEDIATELT. I HAD TO CLOSE IN 30 DAYS. I HAD SOME MONEY AND SOME MONEY FROM OTHERS.THEY THEN TOOK IT OFF THE MLS LIST. WE WAIVED ALL INSPECTIONS.(we knew the property)I PLANNED TO USE THE CASH, RHAB THE PROPERTY AND GET A OAN ON IT AND PAY EVERYONE BACK(AND KEEP SOME FOR MYSELF;) BUT SOME PEOPLE BACKED OUT LAST MINUTE SO I HAD TO HURRY AND GET A LOAN, ITWAS A LOUSY LOAN BUT AFTER I FIXED UP THE PROPERTY AND GOT IT RENTED IN LESS THAN 30 DAYS I GOT A GOOD LOAN AND EVEN THOUGH I PAID A PREPAYMT PENALTY I STILL MADE MONEY AND STILL HAVE THE HOUSE. IT IS RENTED FOR 1200 A MONTH, ACROSS THE STREET, IT HAS A NICE WOODED LOT WE GET TO ENJOY NEXT TO IT AND THE NEIGHBORS WERE HAPPY TO SEE IT CLEANED UP! THE STARTING BID AT AT AUCTION IS THE BANK LOAN PLUS SHERRIF COST ETC AND IN SOME OF OUR TWPS TAXES NOW TOO.THIS IS PA.IT APPRAISED FRO MORE THAN WHAT WE BOUGHT IT FOR BEFORE WE FIXED IT UP EVEN THOUGH WE PAID ASKINGPRICE AND IT APPRAISED FOR 170,000 NOW.I DEFINITELY LEARNED PERSISTANCE, AND RISK WHEN SOME OF MY FINANCING FELL THRU.
KEEP TRACK OF IT:)
P.S. USULAAY WHEN THEGRASS IS GETTING MOWED AND STUFF MEANS THEBANK GOT IT BACK AND THEY ARE CLOSE TO LETTING THE REALOR HVE IT, DO YOU KNOW WHO THE REALTOR WILL BE?
THINK POSITIVE AND BE PERSISTANT:)

OK. Yesterday I found the realtor who is going to be selling it (she does not seem super personable). She said she is having it re-keyed and she has paperwork, and research on property for the sale price...then she would call me when she is able to take an offer.

This one has been vacant for 3 years. We also have spoken to the former owners and know alot about the property and it's condition. We know it has alot of drainage issues. (It is in the country and sounds similar to yours, in rural area, on dirt road, in the woods)- When we mentioned the moisture issues to the realtor, she could care less. Even when I mentioned we had an estimate of repairs for mold she sounded less than interested. Like she is never going to mention the MOLD to potential buyers.........she said it will be sold "as is". I have a baaad feeling about her being less then helpful for us.

Now, according to the former owners they owed about $60K, it appraised for about $100K. The auction Thursday started at $53K (and no one bid). Now, it went to Fannie Mae and I have no idea where they are going to price it.

Do you think they will price it ABOVE THE AUCTION PRICE?
I want to offer $30K CASH
I have a Proof of Funds letter for $30K
I will pay any back taxes
I will pay all closing costs
I HAVE an estimate of repair for $16,600 for the grading of property, moisture, and mold removal
THIS estimate does not include the carpets being replaced, all appliances, insulation in crawl space......about another $5-6K.

What is your thoughts on how to handle this?
Should I start my offer at the full $30K or start low in case they counter offer?
We have NO play room with the money to go up and up and up.
Thanks.

If you want PM me and give me your number and I will call and chat with you.

I can only tell u what they do here where I live, the realestate agents price the property at FMV. Run to the courthouse and look up the legal description in the books and see what it sold for at the sheriff's sale if the bank got it back at 53000 and FMV is 100000 they will probably list it just below FMV. They sell them as is they usually do not negotiate any repairs what so ever. If you offer the 30K do u have the 22K to fix it up? I would start at 20K Cash Deal seller pays closing costs quick close, see if they come back, your offer can say you are offering 20k, as is, due to the mold and drainage issues that have been disclosed to you. If they want bank statements make sure you only show 20k if you show more they will want it. The realtor gets paid by the bank she might fuss at the offer but remember she has to present it and I would hang out and make sure she does. The firm gets 6% or whatever percent the bank has negotiated with them of the sale price but unless she is the independant broker she will only recieve a small part of that so don't let her buffalo you. Just remember sweetness makes even a mean ole bully smile. Hope this helps.
Donna

Thanks sooo much for your input because we were concerned IF we should go in at our FULL offer (30K) or start lower and go up. The broker said they send in all offers and "go with the highest one" so, we were concerned about going in too low.

I believe the FMV will be about 80-90K (at the highest) IF THE HOUSE WAS IN GREAT CONDITION. A good comparable would be the home that sold last month which was a 2700 sq/ft new construction and it sold for 99K. This house is only 1500 sq/ft, 10 years old ........... both homes had similar lots, two car garage, and 3BR 2BA. So, realistic - why buy MINE at 90K if you can have a new construction for a little more. But, that is my opinion which is not worth much these days.

I will ask the courthouse the price the bank bought it back for at auction and verify it was $53K.

But, we will start our offer looow and always go up another 10K if we need to.

YES, we have the funds to fix the house. We have already spoke to our bank about getting a home equity loan to do it since the home will have NO MORTGAGE and will be paid in full. Plus, some of this estimate WE will do ourselves to cut the costs. Like the backhoe for the drainage ... we will rent and my husband will do it - instead of paying someone 3K.

I forgot to mention...
I told the realtor about the mold (not a huge amount but, it is on joists under home) and the drainage problems causing it (which the home owner told me about) and she acted like she did not care one bit. I doubt she will mention this to ANYONE including Fannie Mae but, it is clearly stated on my estimate from a licensed inspector.

Stay with your offer and don't let the realtor tell you otherwise. Her/his job is to submit your offer because she's not qualify to tell you whether the property is worth more or less. If you already done the inspections and the estimated costs, you can submit that too to justify your offer. I also suggest that you add another $5,000 for hidden and unexpected charges in your estimates. Since you are offering 30K, you may the take the property "AS IS", but if you want to make sure the inspections is passed and all that, then you may need to offer a little higher. I rather have you offer less and make counter offer, then pay too much for it. Sometime we fall in love with the property that we ended paying a lot more than what's is worth. Just be careful and if you have done your due dillegence, then you should feel good about whatever decison you make. Good luck!

Lloyd