REO Property Listed Much Higher than Foreclosure Amount
Hi everyone, look for your help/advice on the following:
I have been eyeing a Fannie Mae property on homepath and it just was activated on MLS yesterday. I would be looking to purchase this two-family home as an owner occupant rental property, and be purchasing it through the FirstLook program which targets owner occupants for the first few weeks a property is listed on MLS.
The preliminary research I did showed that the foreclosure amount was for $487K and the area comps were showing between $475-$525 for similar size, condition, neighborhood. The tax assessment for this year was about $450K. The property came on MLS at $630K which obviously surprised me. I have a few questions for the BP community to weigh in on:
1. Is it possible that the listing agent is using a high price to avoid finding an owner occupant and then later selling to an investor after the FirstLook period ends?
2. Given the foreclosure amount, if I submitted an offer that covered the full amount (or slightly more, all cash quick close etc.) would the asset manager consider accepting if it was more than $100K under list price? -In essence how much does Fannie Mae consider the list price if they are making their money back?