Freddie Mac Property Advice Needed

[Sam Leon]

Freddie Mac property in Miami, Florida.

Lender foreclosed May 2012. Property assessor's just value = 184K.

Listed for sale at $194K in August 2012. Since then it has been pending, active, pending, active several times, while each time the price dropped from 194K to 174k to 164k to now at 159k.

My agent said last several deals were for FHA loans and this house need some work and wouldn't qualify.

I am ready with all cash, but not sure if I should lowball (because of the failed sales) or I should give it my best shot.

Six months ago I was in a Fannie Mae REO deal and they asked for 179k, I offered 150k, they came down to 165k, I went to 151k, they went down to 159k, I went to 152k and we agreed at 152k. I was about to close but the house end up having a title defect and they had to reforeclose. I don't know if Freddie Mac negotiates like Fannie Mae?

The previous owner had an unpaid balance of 146k at the time of foreclosure. Does that impact how low the bank will go?

I am thinking of going in a 135k but not pay a dime more than 145k don't know realistically if 135k will get a counter.

Thoughts?