FannieMae

[TommyOH]

Ok guys, has anyone had any recent dealings with FannieMae? I used to buy from them years ago, but things were different then, at least with HUD.

I know they will take less than their asking price, but how low can you go? I used to be able to hit them at 65-70% but I'm sure it's higher now. Anyone know how low they will go? Thanks in advance fambly!

[Aldo]

I haven't dealt with FannieMae for probably longer than yourself, so I have no current info.

If it were me, I'd bid 65-70% based on past experiences, especially with the RE market being what it is right now. The worst they can do is say "No" and then you simply try again adding 5-10% to the first offer.

[TommyOH]

Thanks Aldo, that is along the lines of what I was thinking. Worst case, like you said, they say no, and I make another offer.

P.S. If I learn anything new about this, I'll post it for everyone.

[ThreeRiversREI]

P.S. If I learn anything new about this, I'll post it for everyone.


I'm assuming you're referring to FannieMae REO's? I'm always open to a new pool of possabilities to sift through. Don't suppose you can give me any leads as to where to find available properties in PA. I didn't get much of anywhere doing google searches, I'm afraid. :(

[TommyOH]

Sure I can, try this:
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp

[AIR]

Sure I can, try this:
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp

Hey Tommy,

What is the difference between fannie mae and HUD?

[ThreeRiversREI]

What is the difference between fannie mae and HUD?

Fannie Mae and Freddie Mac buy up mortgages underwritten to their standards, bundle them together, securitize them, and sell them to Wall Street to increase the liquidity of the mortgage arena.

HUD is who ends up with FHA insured loans.

[jgoogle]

New member looking for some guidance on locating fixer uppers in my area. Real net usa seems a little high pressure boiler room setup. Any suggestions? Thanks

John

[Dan Auito]

John I'm really glad your here. But one thing I like to do is tell people about places that I think can really help them instead of keeping them hostage like some websites try to do. Have you checked out Tim's place at www.reiclub.com (http://www.reiclub.com) He's based in Texas and has some excellent resources as well.
Please stay with us here and ask away but also circulate to percolate. There is also another club www.dfwrein.com/megabbs/category-view.asp (http://www.dfwrein.com/megabbs/category-view.asp) I believe which stands for Dallas Fort worth real estate investors.
You'll find local investors posting deals in those forums for Texas so check them out and check in here to ask further as well as bring back what you find from the other sites around the net. Thanks for being here John.

[AIR]

Fannie Mae and Freddie Mac buy up mortgages underwritten to their standards, bundle them together, securitize them, and sell them to Wall Street to increase the liquidity of the mortgage arena.

HUD is who ends up with FHA insured loans.

run that by me one more time:smiley21:

[CFL_agent]

in my experience, FM will overprice the homes no matter what the agent shows them for value.

you just have to be patient and keep submitting offers every two weeks until they accept. It helps to have a LARGE escrow deposit.

Once it hits 60-90 days on market, they will start looking to deal. If someone else offers close to list, then that's their bad. Don't worry that someone else overpaid for a house. That's not going to change FM's way of doing things.

in fact, a lot of the bigger companies do the exact same thing.

[TommyOH]

AIR,

Aside from what ThreeRivers said, the major difference between HUD and FannieMae is that HUD is a government entity, and FannieMae is a privately owned entity. They have different guidelines and from my experience, FannieMae was always easier to deal with. That may be different now, but years back it was the case. I'll post up what I learn as I am working a few deals with them right now.

[AIR]

thanks guys,

I was looking through some of the fannie mae and freddie mac properties for sale and I found nothing in my area. If anyone sees any deals in south eastern PA shout me a holla! :SM009: