Buying from Fannie Mae

[Craig Bowen]

Ok folks.  Newbie here.  My niche is going to be Flipping, particularly because of my construction background.  Few people in my area are doing full blown fix and flips!

So, I have found a house that actually works with all my numbers, ARV, cost to fix, etc. everything but the purchase price. It is listed at $110k and I need to get it at $80k for everything to work. I could make things work at $85 or even $90k but being my first one here, I am really hoping to have the extra cushion....65% to 70% ratio.

Two things to consider.  It has been on the market for around 8 months and it is owned by Fannie Mae.  Also, it was already reduced once from $129k.

So, my questions...

How easy/difficult is it to deal with Fannie Mae.  Am I spittin in the wind trying to get them to accept a lowball offer.  What risks do I have making an offer to Fannie Mae - earnest money, length of time to get responses, etc?  

On a side note, I start RE School on Mon eve and should be licensed by the holidays!  Pretty excited and hope I'll know all these things soon!

P.S. - I LOVE this site and will get exponentially more active in the conversations as I go!  The podcasts are GREAT!!