possible to offer a lower offer during fannie Mae's owner / occupant period (foreclosed, loan)

[anna_mom]

Hi
having read many of the posts, I am aware that the Fannie Mae's owner occupant period is 15 days, which is the chances for Fannie Mae to accept my low offer as they can open up to the "investors" after the 15 day period.

Do I still have to move into the house within 60 days if it requires a lot of work?

[Zippyman]

Lowballing doesn't work with fresh fannie-mae properties... The have a "BPO" showing a number not far from the list price... they'll get close to that number , or the property will sit. After a few months, they'll be more receptive to low bids...

[anna_mom]

it was on the market for nearly a year, then pulled from the market for two months after a price dropped of 50k and recently returned to the market

[Zippyman]

Originally Posted by anna_mom

it was on the market for nearly a year, then pulled from the market for two months after a price dropped of 50k and recently returned to the market

I doubt fannie owned it for a year - most likely the foreclosee was trying a short sale/loan mod for a year, then fannie foreclosed & dropped the price.

[NinaN]

You can always try to offer something low. Within a few percentage points might get it to go through. 20% low, probably not. But you take the risk of someone coming in closer to full price and getting the property. Offer what you think it's worth, based on the sold comps your realtor gives you. Be happy if you get it, and offer more if you would be sad you lost the house for just a few $$ more.