HomeTeam is correct. FNMA is teetering on accepting your offer. The compelling aspect of your offer is CASH. That's why the 10% earnest and the 25-day close.

You need to understand all the dogs in this fight. The AM is telling the LA "DO NOT lose this buyer"; however, at the same time the AM has to make certain moves that MAY upset you. You just have to play the game.

Despite what you believe a fair "value" is on this home, FNMA wants to get the most possible for the property. So, FNMA has net price parameters at each price point, and a timed-release reduction protocol. To get FNMA to discard those and take far less, requires timing. You may have come at them at just about the right time when a reduction is planned that puts your offer closer to the next price point tolerances. Just barely.

It's somewhat doubtful that FNMA paid the fines. Fannie don't pay nothin no how. Probably those were put back on the servicer. That's just either the LA or the FNMA AMC crying the blues.

So, if you really want this property, have a clear head, take nothing personally (long wait times to hear back, annoying questions, no frank answer on the offer price, etc.)

So right now I am just playing the waiting game. So far no news.

I have noticed they have reduced the asking price of the property to the one they countered me with the next day (that was yesterday).

Should I continue to wait or ask my agent to press for an answer?

I am curious now what the $42000 fine from the city is all about.

My agent told me the LA said "they have clear title for this place, had to pay the city $42000 of fines".

Is there a way I can research what this is all about? a 42K fine on a 180K property?

I am going to run some searches.

Check with the courthouse, there may have been a court judgement or lein placed against the house, or it could have been an assessment of some type.

Actually, this is a good "heads up" to check with the City of Orlando and verify that there aren't other recurring costs that were/are being imposed on that property (and others in the area) about which you were not advised BEFORE you made your first Offer.

$42,000 seems like an awful lot . . . . what were they; Zoning Violations with Fines and Penalties, all accruing Interest over an extended period of time ?

Vermont, the property is located in Miami Florida, not Orlando. But I will research the fines and see what I can find.

NEW DEVELOPMENT!

This afternoon, I noticed the LA adjusted the asking price on the MLS to $170,900. This is odd. I told my agent and she called to find out what's going on.

The LA told her that they think my offer is good and they have sent it in for approval and should hear back Monday. Who are "they"? Does it mean the LA knows it's good and need approval of AM? or AM knows it's good but need approval of someone higher up?

Why did they adjust the price down to this odd number that is still 5K above my asking? To try to get multiple offers over the weekend?

If they come back on Monday with an acceptance how long do I have to accept and sign their acceptance? Can I stall them one day while I hunt down this mysterious $42000 "FINE"?

You should be happy. It's not an odd number-- it's being set within tolerances so your offer can be accepted. "They" isn't a mysterious entity. "They" is management. It's passed the FNMA AM, and being sent on for final approval. You'll be getting the for real for real FNMA Addendum shortly.

You're going to get what you want. Are you worried about that? Didn't think they'd accept your offer? Hope you're not getting cold feet... I've seen that happen before. Buyer makes an offer that s/he believes will NEVER be accepted, and bingo! it's accepted and the buyer starts stalling, MOST of the time because there was no real intention of buying the property. You're not that guy, are you?

Noooo...if they accept I will jump. I am just curious about this $42000 fine. I am worried about who else is "OWED" money that may be filing a lien. I better buy a good title insurance and do a good title search!

A title search and title insurance should answer the question. They have to transfer the property to you with a clear title although they may use a Special Warranty Deed instead of a General Warranty Deed. Ask you agent about the difference, let her earn her fee.

I didn't read all of this.

The main point is WHY are you buying this property??

Is it to live in for yourself,a vacation home,to rehab and flip,to wholesale,to hold as a rental,etc.??

Each answer will have a different set of metrics where you will have a different value on it.

For yourself to live in will have an emotional component and maybe a numbers component.Vacation same thing. The other 3 should not be emotional and based on numbers only.Especially if you are paying all cash you need to analyze how best to grow your money for annual ROI.

Do not get emotionally tied into and accept a marginal deal.Move on to the next one.You have cash and in many markets cash is king.

Price will also depend on financing.

1.Owner finance
2.Bank finance with seller held second
3.All Bank finance
4.All cash

I am buying it as a rental property in a very stable community which I believe the prices have bottomed out. I think it is a fairly good deal, not great or amazing deal but good.

After some searches in the County's records I found a bunch of liens against the previous owner.

From the bank, from the mortgage company, from HOA, from city etc...

The LA told us the bank paid $42000 to clear a city fine so they have clear title. I did see a city lien placed on the property, for "FAILURE TO OBTAIN PROPER PERMITS AND INSPECTIONS FOR INSTALLATION OF FENCE OR SHED". They city filed an imposition of fine and lien on 1/2010 and the bank didn't take over the property till 10/2011. The city says failure to comply with that final order will result in an additional fine of $250 per day plus special assessments and cost covered to the city for enforcement. $250 a day! WOW, 100 days would be $25000! All for a fence or shed!

People have to get with the program !

But in bad times, this is another lucrative source of revenue.

And has the deviant shed and fence now been removed ?

I did not see any shed. There is a fence in the back from looked "original" because it looks the same as the neighbor's.

$250 a day is really steep though!