Posted by Randy (SD) on March 29, 2004 at 17:14:45:
In Light of recent news, I would say GO FOR IT.
From the U.S. Senate Committee On Banking:
Mar 29, 2004 - Wall Street Journal - Senate Republicans rolled out a tough proposal to strengthen oversight of Freddie Mac and Fannie Mae, ratcheting up political pressure on the two federally chartered mortgage companies.
http://banking.senate.gov/index.cfm?Fuseaction=Articles.Detail&Article_id=54
Fannie Mae Reo’s - Posted by MrWi
Posted by MrWi on March 29, 2004 at 15:43:35:
Has anyone had any experience with buying a Fannie Mae Reo’s. Especially one that needs a total gut rehab or better yet torn down. This one is listed with a realtor in my small town in a fairly decent neighborhood. It is set up as a upper/lower duplex but has some major problems. I know HUD does not like to discount their properties right away but will reduce their price over time if nobody buys it. Is Fannie Mae the same way? Thanks!!!
Re: Fannie Mae Reo’s - Posted by B.L.Renfrow
Posted by B.L.Renfrow on March 30, 2004 at 24:36:22:
I’m aware of one in my small town not long ago, where FMV was around $70k, they listed it initially at $85k, dropped it to $70k after a couple weeks, and took $50k a few weeks later. It did not need any major work, so I would say it’s certainly possible.
Brian (NY)