According to what I'm reading, Fannie Mae has added a provision to its purchase/sale contract stating that they are not responsible for HOA assessments owed by the previous owner(s), and they have also added a provision requiring the buyer to pay the .007 deed tax. These charges would add around $3000 or more to my cost of acquiring a local Fannie Mae property. Here's a link showing copies of the contract provisions:

http://www.theclosingcompany.net/blog/tag/fannie-mae-purchase-contract/

Given those added $3000 charges (and the HOA debt is going up all the time), and the roughly $7000 to $8000 cost of replacing appliances and doing other rehab, and the unknown cost of repairing or replacing the non-working A/C, and since I don't think the house would be worth more than the asking price after rehab, I would have to offer $11,000 to $13,000 less than the asking price, or even less since I might be asked for a "highest and best" offer later. I doubt Fannie Mae would accept such an offer, and since an inspection could nix the deal if it turns out that I would have to spend many thousands on the A/C, I am reluctant to part with the 10% deposit I'd have to pay as a cash buyer and worry about having to get it back later.

Has anyone offered $11,000 to $13,000 less than a $25,000 asking price and had Fannie Mae accept their offer? Has anyone had trouble getting an earnest money deposit back from Fannie Mae?