The WORST experience ever with a foreclosure sale! We recently purchased an "as is" property from Fannie Mae that had been sitting vacant for a year in our neighborhood.
It has a solid foundation, good roof, and is in a decent neighborhood. Doing our homework, we had an estimated value of the home as well as a laundry list of things that needed to be done to this home. The auction on the steps of the courthouse (so we researched) had a minimum bid of $45,000 but it did not sell. So it was put up on Auction.com first for a minimum of $40,000 then a second and third time for a starting bid of $17,500 with "reserve not met." Again, a decent home that needed some renovation but something we were prepared to do as we could see the beauty the house could be.
We won the bid at $57,500 which exceeded the minimums for previous actions and their reserve was met. So we waited and SURPRISE they came back with $72,000 as the sale price! WHAT?? So we countered with $62,500 as this seemed a fair compromise and yes the house was worth it.
They rejected the offer. Three months later, the house landed on auctions again and the minimum was again $40,000. I laughed and wash rinse repeat bid with an amount of $60,000. Again the winning bid and GUESS WHAT, they came back with a rejection and an new price of...you guessed it more than $72,000!
I give up. The house sits abandoned. The lawn is overgrown and the city comes by and mows the front. Recently I noted a window broken and the tree limbs are scraping the roof and have damaged shingles.
RIDICULOUS! They only want money and if they don't get what they want they will just let a property ROT. It's so sad. The house devalues the neighborhood and over time will fall in value.
I don't see activity and it's become an eye sore. It's a nice little house that we planned on moving my mother into. Fannie Mae has no heart and all they wants your money.
Why accept a bid then try to squeeze more! IF YOU WANTED $72,000 YOU SHOULD HAVE LISTED IT FOR THAT PRICE!!
Product or Service Mentioned: Fannie Mae Mortgage.
Reason of review: Bad quality.
I didn't like: Underhanded and sneaky bait and switch.