Fannie Mae Foreclosures
Why Does Fannie Mae Have Properties For Sale?Fannie Mae buys notes that other lenders originate.They are packaged and sold to investors that want a certain rate of return on their investment. Fannie Mae sometimes is forced to foreclose on loans that are in default. It deals in homes, including single-family homes, condominiums, and town houses, in all types of neighborhoods.
Are Fannie Mae Foreclosures Safe to Buy?When purchasing Fannie Mae foreclosures the buyer is purchasing the property “AS IS”.Sometimes Fannie Mae will make some necessary repairs to get the property in a condition to sell. When purchasing these foreclosures, just as any other home, a home buyer should always have their future purchase inspected. Even when the house appears to be in good condition, such as fresh paint, new carpet, new appliances, or even a new roof, the property should always be inspected. Since the buyer is purchasing the Fannie Mae home “AS IS”, there is NO warranty or guarantee for any work that may have been done to the property. Home warranty is available, but they are actually home maintenance agreements. You can buy insurance against appliances, heat and air conditioners breaking down. HUD on the other hand, has all its properties inspected, and appraised. These documents are made available to home buyers. Fannie Mae will disclose any possible hazards concerning the property, but they don’t go to the extent to making the buyers knowledgeable about the property like HUD does.
Can I Buy A Fannie Mae Foreclosure Without An Agent?Some buyers try to buy foreclosures without a real estate agent.Fannie Mae just as every other institution in American requires a real estate agent to be involved in the transaction. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through their real estate listing agents. It is always suggested for buyers to use their own agent, which is referred as a “buyer’s agent”, the seller always has their own agent. Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for their properties. Real estate agents understand these forms and can explain them in detail. Upon closing Fannie Mae usually designates the closing agent for their transactions. The closing agent must understand how the foreclosure process works.
Can I Buy A Fannie Mae Foreclosure Contingent On The Sale Of My Home?No institution will accept a contract contingent upon the buyer selling their home prior to the purchase of the foreclosure home. So, the buyer must sell or lease their existing home prior to buying.To register for free foeclosure listings in your area click here. Fannie Mae Fannie Mae homes are a wonderful avenue to you taking advantage of the greatest opportunity in America. Contact me if you would like me to help you. |
Fannie Mae foreclosures are owned by the Federal National Mortgage Association (FNMA). FNMA, nicknamed Fannie Mae, was founded originally in 1938 during the Great Depression to help low-income families purchase homes as part of Franklin Delano Roosevelt's New Deal. Later it was chartered by Congress in 1968 as a private share-holder owned corporation to be sponsored by the United States government. The purpose of this enterprise is to purchase and securitize mortgages so that funds are always available to lending institutions for those who want to purchase homes.