Fannie Mae-No Politics (FNMA)

[BearGator56]

It's crazy right now.

Just lost a deal here in the Orlando area.

340k list

Offered 355k w/escalation up to 360k.
100k down
4 day inspection period for informational purposes only; no repairs would be requested.
24 day close
Only needed to appraise for list and we'd cover the extra gap.

We were top 4 of 15 offers. Sellers countered with a later close date and wanted to lease-back for 21 days post-closing. We agreed.

Not sure what won the deal yet. Might've been cash, but likely they went with zero inspection period and appraisal waiver lower than ours.

Had a friend in VA trying to buy and lost to someone who bid 80k over asking and is paying seller's closing costs. Haven't seen bids that high here but have heard of a couple. Paying the seller's closing costs is starting to be a thing now.

I'm recommending new construction to most buyers, but even the builders are going to waiting lists due to materials shortages. Lumber costs are driving prices up with multiple increases per month.

It'll balance out eventually, but no one is selling right now. Many homeowners I've spoken with are concerned they won't be able to find a house if they move or they'll overpay.

Crazy times.