Fannie Mae Repo

**shi** · 11-29-2009, 05:59 PM

Has anyone sold a Fannie Mae repo? I have an investment client who is interested in putting a contract on a home. The listing broker has it for $29,000; however, for various reasons and since it's been on the market for so long, he'd like to offer only $15,000.

When I spoke with the listing agent for guidance, I was told that I absolutely should not write a contract for less than the asking price, that it would be rejected. I'm a bit confused and unfortunately my broker's area of expertise is agricultural not houses, so she has no idea what I should do. I believe it's a disservice to both my client and Fannie Mae if I don't write the contract for what he's willing to offer - after 9 months on the market Fannie Mae may be willing to accept his low offer.

I know I'm a newbie, but I seem to remember that we are required to submit the Buy/Sell Agreement within x number of hours and that the contracts must be written to the potential buyer's specification, with the understanding that a counter offer or a rejection of the offer could occur. Seems almost unethical that I was flat out told not to submit an offer under asking price.

I'm not familiar at all with the ins and outs of selling a Fannie Mae home. Can someone please provide guidance? Thank you!

Sandra

**Greg** · 11-30-2009, 06:33 AM

Write the offer and submit it for the price you think it is worth. The listing agent might think they know what their AM is going to do but in reality there might be a new AM or the Am has new priorities.

Always let the seller say no. Don't listen to what the listing agent says.

**shi** · 12-08-2009, 06:19 AM

Thanks Greg for the info!

**First Time Home Buyers** · 12-16-2009, 08:30 AM

Agreed,

Write the offer for what you and your client think the home is worth. Sounds like they are an investor trying to get a cheap deal. Maybe they will luck out. If not, there's always more homes to buy for cheap nowadays...

**mWoods** · 12-18-2009, 01:51 PM

Do not be intimidated by the LA. You write the offer and if it works out then you'll have a very happy client. If it does not work out then find another property.