All Forum Posts by: John Schnyderite

I only have experience with one property, but it is VERY recent.

In NJ, property came on market overpriced 20-25%. I placed a bid at what I thought was a suitable price for a home in major disrepair. It was countered -- they took off a whopping 5k, but we were way off. Fast forward a few weeks (about the 45 day mark on the market) they lowered the price 7%. I made my same offer which again was countered -- again 5k off new asking price. I was at 15% of their asking price at this point. Still no dice.

I think next time they reprice, I have a shot. Seems like they are very scripted though. Both times, same amount off in counter. They counter no matter how far off the offer is from their asking, just don't expect them to accept til you are close to 10% from asking.

Note, in my first round, they had multiple offers and asked for highest and best.

Thanks.
We have pre-approval on conventional 30 yr with 20% down. We are well qualified buyers ready to buy.

I guess we will stick it out a few more weeks and see what their next move is. In the first 4 weeks, they must have gotten 3-5 offers, but now after the price drop..NOTHING.

Investors who looked early have probably moved on so hopefully the price keeps dropping or their desperation grows.

Is there a general timeline for when Fannie Mae will start dealing to get rid of these types of properties, or will the just lower it 5-7% every month til someone offers close to their asking price?

With interest rates climbing, the longer they put this sale on hold, the more they are pricing a serious buyer out of it. I think if they lower the price again, I'll take 5K off my offer too.

My fiancee and I put an offer in on a Fannie Mae REO. She would be a first time home buyer and we would use this as our primary residence.

At 3 weeks on the market we offered 335K on home needing major repair, priced at 430K. Other offers came in and we were asked for highest and best -- raising our offer to 340K. Fannie Mae countered at 425K and we rescinded as it seemed their value of the property was far from ours and they weren't going to play ball.

Fast forward to the 6 week mark, the property is still on the market and lowered 7% to 400K. I contact my realtor who spoke with the banks realtor. The rejected offers on the table and even got another offer or two in the following week which were also rejected.

We placed another offer at the same value we had prior, 340K. We heard yesterday that they had countered again (at 395K) and realtor said no other offers on the table.

Does anyone with experience purchasing REO's have advice? I feel like I want to stand my ground as comps I've found within the neighborhood, simalar age and sq ft (though admittedly 9 months old) are around 440K on average and this house needs 100K in repairs. My fiancee's parents think we should throw them 350K as FINAL OFFER and see if they bite. I'm not sure that would get the deal done however and if it goes to another round, I don't want to play the card that we have or would 350K.