Negotiating price with Fannie Mae/Freddie Mac
Hello everyone,
I just put a property under contract for $61,000 and well, the property looked "nice" in the pictures but it was a complete different story when I went to see it. Long short story, my contractor estimated rehab costs of 60,000 and I was estimating around 40,000. The property numbers work well as long as the rehab doesn't exceed 55,000. The ARV is 150K.
My question is, how do you deal with Fannie Mae/Freddie Mac when you try to reduce to asking price on the property? I've heard they are not very flexible, however, the property has been sitting on the market for 150+ days.