Finding money for an all cash deal?

[Matthew Baron]

Hi,

Just recently my mother informed me of a foreclosure in her building for a $160,000 for a 2 bedroom apt. for sale which is being handled by Fanny May (not sure what this means, any explanation of FM would be greatly appreciated). The agent assigned to the property is only accepting cash and according to Fanny May rules you have to live in the said apt. for at least 1 year. There are assessments but according to other tenants with similar apt. it is worth/appraised at about $250,000. My credit is fair (712) so getting a loan, I'm not to sure about. Any suggestions about how to raise capital? Is this worth the trouble of having to live in apt., paying assessments, paying for security. How do i know this is a good deal even though we are paying way under market?

Thanks...