Re: buying a forclosed property
Posted by Julio Martinez-Clark on April 01, 2008 at 19:27:04:
In Reply to: buying a forclosed property
Posted by Mary on March 31, 2008 at 17:17:40:
Mary,
The procedure that you describe with Fannie Mae is no different from what's
customary in the industry according to my experience.
In this current crisis lenders/agencies, etc (Fannie Mae is not a lender) are
being extra cautious in valuing properties. Prices pretty much across the U.S.
are plummeting at historical levels and institutions have to make sure they
price their properties right. If after listing the property, no offers are received
in a while, then its very likely the institution would consider lowering the price.
Unfortunately in residential real estate, what yesterday was worth $100, today
is worth $80, and tomorrow will be (according to all the data that I've seen)
worth $50 or so. Be very cautious trying to buy a property using your
emotions in this current devaluating environment because if you buy with
emotions rather than with reason, you will perhaps lose your invested capital
in the property.
I hope this helps,
Julio Martinez-Clark
Follow Ups:
