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Fannie Mae Have Your Perfect Home …
By Tisza Major-Posner | May 31, 2007
Hi All,
With all the talk these days about foreclosures I thought it might be a good idea if I gave you some information about a source I just discovered to find out about Fannie Mae foreclosures in Claremont or any other area.
These are homes that have already been through the foreclosure process and were bought back by Fannie Mae so that they could then sell them to recover their investment. They are also referred to as REO’s which stands for Real Estate Owned, and is another way of saying property that the lender or creditor took back or was given in lieu of payment of the debt.
Below are some answers to questions you might have about purchasing homes that are owned by Fannie Mae.
How is buying a home from Fannie Mae different from buying a home from a private party?
Since Fannie Mae is not a person and has never lived in the home, some of the rules of disclosure do not apply to the sale of an REO home that a private party has to provide. This does not mean that if a hazardous situation is known to Fannie Mae they won’t tell the prospective buyer’s, they will, but they may not be required to. So when you are considering buying a home that is owned by Fannie Mae, it is even more important to have a home inspection done by a qualified inspector.
Does Fannie Mae require anything special where financing is concerned to buy a home from them?
Yes, they require a lender’s pre-qualification letter to help to ensure that if you are asking to buy a home from them, they have some assurance that you are capable of completing the transaction. They may also require that the pre-qualification is done by a Fannie Mae approved lender. However, you don’t have get your mortgage from the lender that pre-qualified you, you may use any lender you wish to complete the transaction.
Can You Buy A Home That Is Owned By Fannie Mae Directly From Them?
No, Fannie Mae depends on and trusts local real estate agents to handle their sales for them. You must go through their listing agents to submit an offer to purchase any property owned by Fannie Mae.
You can use any agent you wish, (like me!) as your representative, or Buyer’s Agent, to prepare the offer you are submitting for you. Remember that the services of a Buyer’s Agent are free of charge to the buyer. The Buyer’s Agent is paid by a portion of the seller’s commission fees.
If more than one person submits an offer who gets the property?
After everyone that is interested in purchasing the property makes their “best” offer in writing, Fannie Mae will review all offers submitted and may then choose the offer that it feels is in their best interest to accept. They may make a counter offer, or they may wait a preannounced specified number of days after receiving the offer to wait for any other offers to come in before making a decision, or they may choose not to accept any offers made.
What If I Need To Sell My House Before I Can Buy The Fannie Mae Owned Property. Will They Wait?
No, Fannie Mae won’t wait for you to sell your home before you buy the home they are listing. In other words, they will not accept an offer contingent upon the sale of another property.
OK, I’m interested in finding out more about homes for sale by Fannie Mae. Where can I look?
You can go to the Fannie Mae website and Under the heading “For Homebuyer’s and Homeowners” on the left hand side of the home page click on the link “Fannie Mae-Owned Property Search”. You can search for properties based on price range, location, or property type.
If you need additional information, feel free to contact me. I will send you via email a booklet prepared by Fannie Mae which answers some additional questions you may have and gives you more in depth information on the topics I have touched upon above. It is also the source that I drew most of the information from.
So, like I said in the title Fannie Mae have your perfect home. And if they do, give me a call and I will happily help you make your home purchasing goal a reality.
Take care, help lots of people and have a wonderful day!
Topics: Buying and Selling Tips |
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December 12th, 2007 at 11:58 pm
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