I agree Norm, but without knowing if there have been any improvements to the property in the last 10 years and or if the immediate area is appreciating better than others we just wouldn't know if the value from 10 years ago is justifiable.
Think back at how much that house would've cost five years ago and also think about how interest rates were anytime before now...we're not going to see these rates again. Plus with the way the market is right now(atleast here in the Los Angeles area) with many buyers and low inventory, you're lucky to have gotten your offer accepted. I've seen 10-15 offers on average being put on a property when it hits the market. Right now it's not so much can you get a deal on a property it's more like can you even get an offer accepted??? To answer your last question on how to negotiate the price with fannie mae...negotiations were already done when they accepted your offer. I had a client once tell me to go back and negotiate the price with the bank on an REO property right after they accepted his offer and they flat out canceled the transaction. I told him that's what could potentially happen and it did. The only thing you can try to negotiate now are for maybe repairs or ask for a credit, but more than likely being that you're dealing with a bank they're going to reject any requests. These are just a few things to think about. Good luck on whichever decission you decide to make.
I think I agree with Cami. Sounds more like the loan officer's processing dept. keeps making the mistakes and of course they are going to blame it on Fannie Mae.
Tax Roll shows as 2 bed/ 1 bath for this property.
I think i've heard it go by maybe twice a week at the most and it's usually always during the day.
Right now you'd probably looking at less then that. Without looking at it around $299k- $325k.
Homepath is great!...and so what if an appraisal isn't being conducted to get a value. That's why there is a thing called COMPS! If the agent is good and knows the area well, there's no need for it. Plus it's a nice perk to save your clients the money and not to mention not having to pay for monthly M.I. (mortgage insurance). Like Bubba Gump said "that's all I have to say bout' that".
At the time you asked this question the property was still for sale, but actually sold on Nov. 2009
It could be a technical error, but what you may want to do is go ahead and update all of the info and that should help out.
This house sold in June 2009