My 1st OFFER --- 4 YOUR REVIEW

though with Fannie Mae foreclosures, they're selling the house As-Is, Where Is (WYSIWYG). The second contingency is where I see the problem, you'll need to get your estimates on the various repairs before hand to justify your offering price it will help in the way of influencing BPO that agent delivers to the lender. But don't tell them (Lender's agent) the maximum amount of funds you have available to make the purchase. Only give them the proof of funds for the purchase price that you're offering.

Thank you. Yes, my repair bid is from a licensed contractor referred by my home owners insurance company and the bid is for ALL repairs to correct the mold, drainage, and water issues. This bid breaks down under home mold remediation, installing vapor barrier, and dry out of standing water & exterior bid includes re-directing rain spouts and grading "away" from home and/or install of 70' retainer wall.

I am only submitting this letter with my offer to Fannie Mae so that they know we did all this research when we were dealing with countrywide and....because I want them to understand my lower offer. I don't know if it is over-kill but, I do NOT trust that this REA will even tell them about the drainage issues which are TRULY PRESENT. After a good rain, there IS substantial water in the crawl space which is causing the mold. My "starting" offer is 50% of their payoff.

Do we stand a chance? LOL
Yes, I am only sending proof of funds for the $25,500 (even tho I have a little more if they counter).

I told the agent last week that I had the estimate of repairs so she could get an accurate BPO for the lender and she said: "she did not need it" & "she would determine the fair market value on her own"

Which is why I believe the mold issues will never be discussed - she was very short and seemed completely un-interested.

Is this agent the listing agent?

YES.....SHE is the agent hired by Fannie Mae (we are not using our own agent because it was suggested on here to use just the Fannie Mae agent so they dont have to split commission).

In my opinion, I would work with a buyer's agent. On these deals it's tricky. This is your first encounter with this kind of offer. Support on your end wouldn't be such a bad idea. This will ensure that your offer is being presented correctly. The listing agent has already put one strke agaisnt your strategy. She represents them not you. The comission is paid from the bank. You have to make sure it works for you too! Lubertha

so, you do not feel having MY realtor/friend Jackie submit my offer would deter this woman from working with us SERIOUSLY (since she would need to split her commission).

Do you think I am starting too low? I really only have another 5-10K to negotiate so, I don't wanna make my offer at my higest point. If they countered at 35K .... I can do it but, dont wanna start there.

Are you finding (with your offers) that going in at 50% of the banks payoff is being considered?

I would consider starting with a low offer because you can always go higher. Time will usually motivate a seller and a Bank's motivation can change on a daily basis. The listing agent may be able to get a faster response for you. Good luck on this potential deal. Believe and Achieve! - Joe

who she splits her commission with. If another agent brings an able and willing buyer to make the purchase and they close escrow, her broker has to split the commission, done deal. Make sure your Realtor/friend is ready to submit your offer as soon as its listed in MLS. So your offer is the first to be presented to the lender. Are there any other foreclosures in .25 mile radius of the home you're trying to get? What have they been listed for? I would wait since she already has the listing in her possession to submit an your offer. I don't feel the Letter of Intention will get much attention from the Lender, that's just my 2 cents. Find out how long before she puts it in the MLS? The lender has to give final approval (sign off), what the house will be listed for. I don't want to to pay $25k if you can get it for way less than that with all the work you've describe it needs.

Will it be listed in MLS?
The Fannie Mae rep told me that their REO homes are only put on Home Paths.com and NOT multiple listed. Is this true?

We are in a small rural AR community. There have only been two foreclosures in our county. Nothing within a quarter of a mile because this is soooo rural and farm land. One home (3 miles away) in town was 3 bedroom, 2 bath, NO garage and bank was asking $40K. The second (about 1 mile away) is a beautiful new construction home, HUGE 2700 sq/ft and it was listed for 99K. It actually sold for $115K and it was listed with this SAME realtor. In the next county, there was one old burned down crack house (lol)that I believe they sold for next to nothing.

It has been TWO weeks since I spoke to her. The property has been cleaned/mowed. The realtor told me she needed to do her paperwork and have the house re-keyed and lockbox. But, I wanted to go there ASAP before she has a chance to submit any other offers to Fannie Mae - try to get my offer in before she even has an opportunity to put it on Home Paths and MAKE SURE she has my estimates so she does not price it at $80K or more as a "perfect house".

It will be a miracle if this gets accepted but, I am trying to believe to achieve..........I guess she can list it for whatever she wants, but I know for a fact what the bank bought it back for at the auction and that was $54.

homepaths.com site daily to see if its been posted there. I don't see why it wouldn't be listed in local MLS (for your area) to market to all buyers unless like you say Fannie Mae only wants it on Home Path site but the agents here in my local list Fannie Mae properties on fmls/gmls. You agent can give her your offer, but I don't know if she will present it to the lender ahead of it appearing on their site I don't have that crystal ball. Try it your way and see what happens you never know

Just checking to see if any one has used the lenders on the homepaths page? I have met with some resistance from my local credit union. I already have one property and didn't know if a second mortgage on that. I found another bank that will give me 80% of the tax appraisal.I was told I could not get a home equity because it was not my primary residence.

I am in Maine any help with friendly lenders would be most helpful.