How does fannie mae decide to accept an offer on a reo home? What is taken into consideration? (Condition of home, listing length etc...)
2007-09-19 08:13:45 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It is based on the value of the property, usually decided by the appraisal.
2007-09-19 08:25:31 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Ah... young grasshopper inquisitive mind have you... REO's happen after a foreclosure occurs. Basically a homeowner default depending on the state 3 up to 12 months and then they are foreclosed on which will end with an auction. After the auction happens if nobody other than the bank buys it then it gets listed with a realtor at regular market price. Therefore they are initially looking for full list price but you can try offering 10% below listed price. Most lenders have a min 10% within the listing price to even look at the offer.Trying to find a good deal with REO's mostly is like you trying to eat soup with chopsticks... it's better to do pre foreclosure short sales for more info visit platinumreic dot com.
2007-09-19 08:24:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋