Buying from Fannie Mae
Ok folks. Newbie here. My niche is going to be Flipping, particularly because of my construction background. Few people in my area are doing full blown fix and flips!
So, I have found a house that actually works with all my numbers, ARV, cost to fix, etc. everything but the purchase price. It is listed at $110k and I need to get it at $80k for everything to work. I could make things work at $85 or even $90k but being my first one here, I am really hoping to have the extra cushion....65% to 70% ratio.
Two things to consider. It has been on the market for around 8 months and it is owned by Fannie Mae. Also, it was already reduced once from $129k.
So, my questions...
How easy/difficult is it to deal with Fannie Mae. Am I spittin in the wind trying to get them to accept a lowball offer. What risks do I have making an offer to Fannie Mae - earnest money, length of time to get responses, etc?
On a side note, I start RE School on Mon eve and should be licensed by the holidays! Pretty excited and hope I'll know all these things soon!
P.S. - I LOVE this site and will get exponentially more active in the conversations as I go! The podcasts are GREAT!!