Profile picture for abelita2

Fannie Mae purchased the house for $190.000 this September 2008.

They have it listed for $274,900. We did a tour of the house and there is water damage on the ceiling of the first and second floors (in five different rooms), one window needs replaced, a front door needs replaced, one interior door needs replaced, the old owners took numerous lighting fixtures, there are no appliances, carpets may need replaced, may need a new roof. What would a fair offer be for this house? The bank purchased it in September 2008 for $190,000. Our Realtor said the bank has received 8 low offers and turned them down.
  • January 21 2009 - Hilliard
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Answers (2)

Profile picture for OhioPrettyHomes
Fannie Mae probably did not "purchase" the house for $190,000 it was simply the amount they took it back for at Sheriff's auction. Starting bid at Sheriff's Auction is 2/3 of the appraised value, so this may explain their list price of $274,900.

I do not list Fannie Mae properties myself, however, I was told that Fannie Mae will only accept a certain % off of list price. If you feel the price is too high given the condition of the property, then your agent should monitor the status of the property and submit a new offer once there is a price reduction.

Hope this helps, and good luck!
  • January 22 2009
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Profile picture for homebuyer66

More information is needed to give a fair estimate of the home.  To answer your question any offer is a fair offer.  Don't ever use the listing price as a basis for your offer.  You have to descide what the home is worth to you and then make that your offer.  If it is turned down then they just want too much money at this point you should walk away.  I have been turned down in the past only to have the seller contact me later and beg for the same offer.

  • January 21 2009
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