Lowest accepted offer on Fannie Mae foreclosure

[Spencer Rossie]

What is the lowest accepted offer (percentage off asking price) you have had on a Fannie Mae foreclosure? 

I'm getting ready to make an offer 40% lower than asking price and want to know if I even stand a chance. The offer is justified, I'm not just low balling on a whim. I have had multiple contractors view the property and with the condition it's in (fully gutted) it's severely over priced. 

Also, will submitting any additional information with the offer such as bids from contractors, comps I have personally pulled, maybe even having the property assessed, be looked to or beneficial to my offer? Is there anything else I can do to increase my chances of the offer being accepted? Thanks BP!

[David Sugg]

Spencer,

 All Fannie Mae I have tried in the past have been a little difficult.  Owner occupants are given a first and closest look. As for your offer, there is a concept we need to observe and that is Investment Value. Taking a look at the four major investment tools , Amortization, Appreciation, Tax Shelter, and Cash Flow we derive our Highest Possible Offer.  The problem with we find is that our HPO is very often much lower than what the seller is trying to recoup. Your offer is based on your numbers and if it doesn't make dollars it doesn't make sense.  Don't get Philly Fever over any one deal.  If you are looking  for properties it may do you well to begin dialog with local banks that have inventory on hand. Your network is your networth.