Tuesday, August 9

Fannie Mae is So Slow

Typical of government bureaucracy, I still haven't found out if I am going to be buying House #9. Some background: this is a 2 bedroom, 1.5 bathroom townhouse built in the 1980s. The asking price was $23,900; I bid $21,000. Fannie Mae countered with $23,000. I have countered their counter by offering $22,500.

The only outstanding issue is regarding termite damage. I could not find any signs of damage at the house, but the listing agent said the front of the house is completely eaten up by termites. We are waiting to receive a copy of the termite report.

I really want to buy this property. I "need" a project to keep me occupied and am confident the ROI will be high. In fact, I should be able to charge $600-$650 rent on this house once I fix it up.

Surely by the end of this week I will know something.

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