Fannie Mae properties

[Uwe S.]

Is it possible to negotiate prices of these properties like normal properties or are these prices firm?
I heard Fannie Mae has his own closing procedures, how high will be the costs for this? Thank you.

-Uwe

[Chris L.]

Hi Uwe,
FNM is like any other lender. Once the property sits vacant for a period of time unsold, they are more willing to negotiate.

There are more closing costs to buy one of their properties because they do not pay any of the costs and transfer all of them to the buyer. These are not substantial but you do need to account for them when you make your offer.

At least two of my properties were FNM, I picked them up at about 40% of list price because I let them sit for a while and offered a cash deal.

Chris