Best strategy for Fannie Mae REO offer
Greetings BP
I came across a Fannie Mae REO just by chance. I would really like to acquire this house but am really new to this and would love your advice on how best to proceed.
Some caveats: I do not live in the state but have long considered moving there; I do not currently own a home (living on the road in my 3rd mid-life crisis!); home would be owner-occupied (at least for 6 months - maybe permanently).
1) should I get my own agent - or just use the FM listing agent?
2) The current listing price is $125k; for a 2/2 on 6 acres. This is a STEAL! Unless the house has serious issues. How much does FM have to disclose re: the property?
3) the house is in a 'non-disclosure' state (my term for: not required to disclose RE sales); so doing 'comps' online seems questionable
4) IF the house actually sells for anything near $125k - $150k?? - I could pay cash - assuming this would improve my chances at best offer. Advice? Yes, this would somewhat stress my finances, but figure I would get a mortgage later. Should I offer a cash deal?
I'm sure I will think of other questions - but this is a good start.
thanks in advance
Kelly