Update on OUR house:
We received a call from the listing agent today and she told us Fannie Mae countered with "the FULL asking price" she also said they are not going to come down AT ALL on the asking price because Fannie Mae already has it listed below FMV and there is "interest" in the property.
She said we could come in and she will send over our max (35K) but, she can ASSURE us it will NOT be entertained by the bank. She also informed me that all offers must be submitted with a 10% deposit (which is ok for us)....not the 1,000 we gave her last week. She also said that the lender is NOT interested in the repair estimates because it is sold as is, where is. So the justification for reduced price is meaningless.
I was told the property would not be multiple listed and IT IS. Maybe we are being bullied but, I honestly believe our mistake was not buying it at auction last month for 53K. Now, they are not even going to consider an offer unless it is right on the asking price of 79,900.
I really think it depends on the areas as to how these sales work. There are sooo few here. We have had 2 foreclosures in this area in the past year and the last one sold for $15K ABOVE the asking price. I know this one will do the same.
Thanks for all your help everyone and good luck in all your endeavors. It has been a learning experience. But for us, right now ... We are frustrated, mentally exhausted and DONE.
~~~~~~ Praying for our dream house ~~~~~~