Updated almost 2 years ago on . Most recent reply
First Time Home Buyer
Good Day, Community!
I've been living overseas for the past 15 years, originally from Daytona Beach, Fl. But I will be starting a new job as a federal employee at Scott AFB, in Southern Illinois, just 25 minutes east of St. Louis, Missouri.
I have my eye on a farmhouse just outside of town. The REO is Fannie Mae, and they have paid to have the interior of the house remodeled before listing it.
The current asking price is $280,000. The price was lowered from $300,000. I offered $220,000. Was countered with the original asking price of $280,000 the same day.
All the websites I've been to "estimate" the value of the property at $250,000. I'm willing to pay $250k for the home, I was hoping they would counter with something near this range, I've read other posts of people having 5 -6 counters back and forth with Fannie before they reduce the price. This home has been on the market for 45 days.
I was hoping Fannie Mae would counter with $260k and then I would accept that if they would pay some of the closing costs or warranty the remodel work that was done.
Should I counter with 250k? Or wait for the 60-day mark and hope they reduce the price? As far as I know, there are no other offers on this home.
This is my first home-buying experience. I don't feel like my agent is guiding me through this process adequately, she's asking for my input, which is fine, but I have no idea what to even ask for.