Making bids with Homepath
I've read many threads here and listened to some of the podcast, read the Beginners guide but I'm still confused on how to wholesale a property acquired from HUD and/or FNMA.
Can someone please tell me if I can
1. wholesale a FNMA winning bid? (assign the contract)
2. if so, when?
3. Is the price to the end buyer contingent on the waiting period? (90 days)
4. I read today that FNMA only needs 5% down (from Homepath website) if I were to finance the deal.
This question is FNMA specific. I found a home that according to neighbors has been vacant for close to 3 years. It is a FNMA Homepath property. When I called the listing agent she said the property was back on the market. Has been so since April 8th but overall on the market for 236 days. The original asking price was 149,900 and today it is $91,900. Property needs quite a bit of work including roof. Its in a neighborhood where I can easily get $62-65 pr sqft. Property has 2360. Even if ARV was $60 per sqft that gets me at $141,600 * .7 = $99,120. Havent had a chance to really look at repair cost but just an estimate of $20-$30k makes any offer I would make a lot lower than current asking price.
Know there's a lot here but,
I need some suggestions on how to proceed? Should I even bother?