How does FNMA price the homes they sell???

[Hugh Thomas]

Hi there, I posted this elsewhere, but I see that in this forum people have more experience with REO purchases. I am looking at a FNMA owned home, and may put an offer for it. Problem is, I am not sure what they expect. They are asking $180k , and has been sitting there for 2months, as comparables sell for half that. A little research shows FNMA purchased this home for $20k from the previous owner just three months ago. FNMA offers Homepath financig for this home, and I heard that inflates price somewhat, but I think 2x is ridiculous!
Sooo, my first thought would be to offer something near comparables, say $70-80k. More agressively, I could offer a premium over the $20k they put on this home. No way I am going anywhere close their asking.
My questions:
- why would they ask so much more over comparables and over what they paid for the home? Could it be that the recorded purchase price reflects debt forgiven to the seller? Maybe they paid a contractor to fix up the place after they purchased it?
- how do you think FNMA will react towards the more agressive offer?
If it makes difference, this would be owner-occupied
Thanks