251 replies to this topic

[The Real Jeffrey Lebowski]

Has anyone had any experience with buying a Fannie Mae property/using Fannie May financing?

Just to provide closure in case anyone else has this question in the future:

Being a Fannie Mae property only speaks to who owns it - not any type of additional method of finaning (as their website led me to believe). It's the same old Conventional vs. FHA (vs. etc.) type of loans needed.

The end.

so why disclose it? is it supposed to be a red flag or something?

I'm pretty sure it's only to get my hopes up for a brief 24 hour window, just to have them dashed.

Just a guess.

[The Real Jeffrey Lebowski]

Just put an offer in the place I'm lookin' at...Won't know anything until tomorrow, maybe Monday (there was already a backup offer that has 24 hours to make a move, so I'm backing up the back up offer...)

I think I'm going to throw up.

[Tony]

Just put an offer in the place I'm lookin' at...Won't know anything until tomorrow, maybe Monday (there was already a backup offer that has 24 hours to make a move, so I'm backing up the back up offer...)

I think I'm going to throw up.

damn! good luck. what's with the sudden influx of home ownership on the shizz?

[John MFer]

We sold our house. It closes on the 15th. The buyers initially said they'd rent it back to us until we were ready to move in to a new place. Well, they just pulled the rug out from under us and now we have two weeks to pack up our shit and get out. Their own real estate agent described them as "difficult". That's after we bent over backwards to make sure they would be eligible for the whole tax credit thing that expired April 30th. Thanks for paying us back, assholes. I can safely say that because these people refuse to get a computer or Internet access.

Gonna live with the mother in law for a little bit, then we have a contract on a place that's going to close hopefully June 28th.

[azwestdevil72]

well at least you got it sold and hopefully you got a price close to what you needed. Really, it is still an accomplishment to sell a house right now. People say the economy is coming back, but I don't see it yet.

[chadk]

yea we have 2 houses a block away from us that have been for sale for what seems like a year, then another one went up for sale a couple weeks ago, and it either sold or they took it off the market, and the house across the street from us went up for sale, and the price it is marked at makes me cringe then the dude next door to that just went into foreclosure so i am really not happy, we don't plan on moving anytime soon but still erks me. if anyone is looking for nice historic phoenix homes near the trunkspace and encanto park let me know and i'll get you some info.

[Tony]

yea we have 2 houses a block away from us that have been for sale for what seems like a year, then another one went up for sale a couple weeks ago, and it either sold or they took it off the market, and the house across the street from us went up for sale, and the price it is marked at makes me cringe then the dude next door to that just went into foreclosure so i am really not happy, we don't plan on moving anytime soon but still erks me. if anyone is looking for nice historic phoenix homes near the trunkspace and encanto park let me know and i'll get you some info.

we took our house off the market after 6 months. i thought we had it listed at a pretty fair price, and we didn't get any legit offers. although we did have one person informally tell us that they'd give us about half of our asking price. we politely told him to go away.

i'm jealous of john and christine - at least you guys sold your house. moving twice will suck, but at least you have a place to stay while you find the right spot.

[capharnaum]

tony i'll trade your beautiful arcadia home
for some sandwiches from my work.
i might even throw in a couple of microbrews
if you try to play hardball with me.

seriously though your house is my wet dream come true
i wish you all the luck in the world in whatever you choose to do with it.

[Tony]

tony i'll trade your beautiful arcadia home
for some sandwiches from my work.
i might even throw in a couple of microbrews
if you try to play hardball with me.

seriously though your house is my wet dream come true
i wish you all the luck in the world in whatever you choose to do with it.

microbrews, eh? hmmm.

once we realized we couldn't take advantage of the misfortune of others and buy a house that was twice as big for the same price as ours (since we couldn't sell it to begin with) it was a big weight off our shoulders. we still love the house and neighborhood, but since we both work from home and have a kid and multiple dogs, it's just not big enough. oh well. instead of stressing about it we planted a vegetable garden. and then we decided to not even think about moving for at least a couple more years.

the point is this: let's have a pool party.

[John MFer]

well at least you got it sold and hopefully you got a price close to what you needed. Really, it is still an accomplishment to sell a house right now. People say the economy is coming back, but I don't see it yet.

i'm jealous of john and christine - at least you guys sold your house. moving twice will suck, but at least you have a place to stay while you find the right spot.

They say a house is an investment. Well, we sold ours for exactly what we paid for it, seven and a half years later. We still have enough equity to cover closing costs and walk away with a few dollars, but not much.

We're going to go the POD/mother-in-law route. Pack almost everything in a POD, store it for a couple weeks, stay with my mother in law until we close on the new place. She'll be thrilled to see her granddaughter every day.

[Tony]

They say a house is an investment. Well, we sold ours for exactly what we paid for it, seven and a half years later. We still have enough equity to cover closing costs and walk away with a few dollars, but not much.

think of it as 7+ years of cost free living, plus the tax deductions for the interest. even though you didn't make a killing like you would have if you sold back when the market was ridiculously high it was still a wise investment. now you're buying when the market is down. that's an enviable long term position to be in.

of course, staying with the mother in law might not be so enviable.

[The Real Jeffrey Lebowski]

Just put an offer in the place I'm lookin' at...Won't know anything until tomorrow, maybe Monday (there was already a backup offer that has 24 hours to make a move, so I'm backing up the back up offer...)

I think I'm going to throw up.

Backup offer didn't respond within 24 hours. Seller's realtor confirmed that mine is the only offer they're currently looking at. Should hear something Monday or Tuesday.

Holy shit balls, this might actually be happening.

Escape from Suburbia!

[John MFer]

They say a house is an investment. Well, we sold ours for exactly what we paid for it, seven and a half years later. We still have enough equity to cover closing costs and walk away with a few dollars, but not much.

think of it as 7+ years of cost free living, plus the tax deductions for the interest. even though you didn't make a killing like you would have if you sold back when the market was ridiculously high it was still a wise investment. now you're buying when the market is down. that's an enviable long term position to be in.

of course, staying with the mother in law might not be so enviable.

Yeah, I'm trying to see the bright side of spending like $84,000 over 7+ years of mortgage payments (not including updates and improvements) and only getting back a little bit. But it is true, the market is just stupid right now. We locked in a 4.75% interest rate on the new place. We're getting a lot more house for not much more money per month.

Staying with the Mom-in-law isn't so bad. I like her a lot and it beats the hell out of whatever the alternative is.

[The Real Jeffrey Lebowski]

Looks like an offer I put in on a house got accepted, but I'm freaking the fuck out...Need a pros/cons list to figure this shit out.

What are the things to consider that I'm not thinking of?

In no particular order:

- Location/Neighborhood are nice and quiet, feel safe (especially for what I can afford - 13th Ave, South of Indian School) - love it actually...Looked at almost 3 dozen other houses (drive-bys), and this was my favorite neighborhood (that was actually logistically workable)
- has a pool (which needs to be re-plastered...)
- A/C looks somewhat old-ish, so I'll have to budget for the likelihood of replacing that in the not-too-terribly-distant future
- is wood frame, not brick, with some somewhat fugly (redundant!) aluminum siding (which I don't really care all *that* much about, but I am worried about future re-sale). Gonna also get a termite inspection dealy if I move forward, but looks promising thus far
- Not too worried about schools and all that kid stuff, so that's not all that relevant (except for re-sale)
- realtor recommended getting a plumber to come run cameras through all the pipes to see what's going on with all that (home was built in '46, so all the galvanized steel was being used for WWII instead of pipes in houses, or some such nonsense) - definite question mark for now
- Shingles look good with the exception of one part of roof - which realtor things we can get them to fix

Feels like a "yes"...At least enough to go through with the inspection process...Lordy, what the fuck am I doing...

[Tony]

Looks like an offer I put in on a house got accepted, but I'm freaking the fuck out...Need a pros/cons list to figure this shit out.

What are the things to consider that I'm not thinking of?

In no particular order:

- Location/Neighborhood are nice and quiet, feel safe (especially for what I can afford - 13th Ave, South of Indian School) - love it actually...Looked at almost 3 dozen other houses (drive-bys), and this was my favorite neighborhood (that was actually logistically workable)
- has a pool (which needs to be re-plastered...)
- A/C looks somewhat old-ish, so I'll have to budget for the likelihood of replacing that in the not-too-terribly-distant future
- is wood frame, not brick, with some somewhat fugly (redundant!) aluminum siding (which I don't really care all *that* much about, but I am worried about future re-sale). Gonna also get a termite inspection dealy if I move forward, but looks promising thus far
- Not too worried about schools and all that kid stuff, so that's not all that relevant (except for re-sale)
- realtor recommended getting a plumber to come run cameras through all the pipes to see what's going on with all that (home was built in '46, so all the galvanized steel was being used for WWII instead of pipes in houses, or some such nonsense) - definite question mark for now
- Shingles look good with the exception of one part of roof - which realtor things we can get them to fix

Feels like a "yes"...At least enough to go through with the inspection process...Lordy, what the fuck am I doing...

your inspector should tell you all the things you're not thinking of.

our house was built in the early 50's and our inspection basically said "hey, your plumbing and electrical is fucked" so we negotiated the upgrade costs into the purchase price. you do have recourse if stuff comes back and it's not in your favor (usually). you can ask for an amendment to the contract or you can walk. the few hundred you pay for a good inspection can save you tens of thousands.