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Is there a White Knight out there?

• My first house in the 80's was a fixer -upper, and now that the kids are in college and the latest house sold I found the perfect small place to fix up to my standards.
• Asking price is an inflated $150K for a 2 bed 1ba original 1949. I bid up to $135K only because I saw the potential for me. It's been six months and as predicted within my lawyers letters, the pipes froze and burst in January. Land value is $70K
• My RE Agent is good, but not knowledgeable of short sales. She handed Chase pictures, the home inspector report, and all comps showing homes selling at less than $135K. Nothing.
• Today we were told by Chase they will not accept less than 150K because Fannie Mae will buy it for that amount. Really? Our Government and it's people will buy this empty deteriorating home for an over-inflated price from a bailout accepting corporation who issued excess mortgages prior to the housing crash?
• I need some input: I would like to purchase this home. It is in a suburban neighborhood near a middle school. It is ripe for kids from the other side of town to break in and vandalize. It is a blight on a neighborhood and I want to fix it.