Waiting for Fannie Mae to Reduce Price? (property, offers, Realtor)

[1st_home]

House is bank owned through foreclosure. Has been on the market for about 4 months. Realtor states Bank will reduce at some point if it does not sell, but right now HUD guidelines still control and so a lower offer won't be considered by Fannie Mae.

Has anyone had any experience with a property like this? If so, was price lowered incrementally based on % of initial price, did bank become open to lower offers at a certain point in time, or something else?

[399083453]

Originally Posted by 1st_home

Has anyone had any experience with a property like this? If so, was price lowered incrementally based on % of initial price, did bank become open to lower offers at a certain point in time, or something else?

Incrementally lowered.... yes.
Based upon any predictable math..... no.
Open to lower offers...... sometimes yes, sometimes no.

Completely unpredictable. Keep making offers. Its just a file number to them. Different people look at the file and offers. Might get lucky.