Ask Experts Questions for FREE Help !
Ask
    statechamp171's Avatar
    statechamp171 Posts: 19, Reputation: 1
    New Member
     
    #1

    Apr 16, 2011, 04:06 PM
    Purchase price vs the listing price on a Fannie Mae HOMEPATH house
    How much lower can you offer as a purchase price vs the listing price on a Fannie Mae HOMEPATH house. It is foreclosed. Many houses in neighborhood on the market, many foreclosures in the area. We live in Winston Salem, NC.

    Obviously we want to buy the house for as little as possible.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Apr 16, 2011, 04:59 PM

    Have you searched county records to see what the amount of the loan was that got foreclosed on ?

    Have you got an general appriasial on the home, comparing it to others for sale and others that have sold recently
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Apr 21, 2011, 08:34 PM

    Again, "tax value" is nothing, means nothing and has NO, again NO and did I say NO, real meaning in the value of a home now adays.

    Almost 2 or every three homes in Atlanta are not worth even 2/3 and some 1/2 of the tax value. Unless it has been changed the last year or two.

    What has a meaning is a real value set by a licensed apprisial company.

    And comparison value is of homes in the same condition.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Definition of residential structure or dwelling for Fannie Mae/Freddie Mac? [ 1 Answers ]

Hi! I am in desperate need of an answer! My local county defines a dwelling unit as a structure that has sleeping quarters, sanitary facilities, and cooking. Fannie Mae, as far as I can tell, defines 'dwelling unit' as a 'residential structure' but then gives no definition I can find as to what the...

The mortgage crisis/Fannie Mae & Freddie Mac. [ 28 Answers ]

What has caused it? What can be done to fix it? In order to answer these questions, we need to first understand what the problem is. Here's my attempt to explain the mortgage crisis and its causes. First, it must be understood that it is the job of banks to lend money. It is through...

20% down required by Fannie Mae due to low HOA reserves? [ 3 Answers ]

Hello, I'm trying to buy a condo in California and was told by the seller's real estate agent that I had to put at least 20% down. He said this was a Fannie Mae requirement because the Home Owners Association had very low reserves -- many owners were not current on their monthly payments. There...

Negotiating a Listing Price [ 9 Answers ]

How negotiable are listing prices on homes? We are actually looking at a home that has been foreclosed on. I have never done this before and need all the tips I can get. Please help so I look like I know what I'm doing!! Thanks!


View more questions Search