Updated almost 16 years ago on . Most recent reply
Does FNMA demand offer be 80% of list price
I made an offer on a FNMA property. The list was $79k, I offered $45k. The seller agent responded that FNMA will not entertain offer that is less than 80% of list price and did not counter. I can't info to support this. Last week FNMA lowered price by $10k to $69K. I am going to re-submit $45k and ask for verification that offer was submited to FNMA. I actually had this property under contract in May of 2009 for $52k, but it was discovered by my attorney that FNMA did not own yet because property was in bankruptcy. It is out now and listed with an out of town agent. Have you ever heard of the 80% requirement?