Updated Advise on Fannie Mae REO

[Dan Arnett]

Hello, first time post. We are going today to look at a number of properties to try to find a deal to get the "first one under our belt".

One of the properties is a Fannie Mae Homepath/REO. It's a 3/1 near the school. The pictures look like it could be move in ready with minimal work, but we would plan to do more than the minimum. BUT, it has been listed on the MLS for 6 months and the price dropped 6 times at least. That makes me nervous. It appears to be the ideal BRRRR, but why has nobody else jumped on it?

I looked through the forum but all the Homepath posts are 3 or more years old. I did not know if things had changed a bit or there are more considerations in play.

Thank you!