Buying from Fannie Mae

Fletcher123May 10, 2011

My wife and I have been trying to buy a forclosed home from Fannie Mae for the last 2 years and still can't find anyone in Fannie Mae that will talk to us.

This house has been vacant for 6 years, been set on fire, flooded, wireing ripped out and stolen, appliences stolen, windows broken and the list goes on and each time Fannie Mae has fixed it up again and yet it is still not listed.

I have spoken with agents, bank reps, title lawyers and more all who were working on this property for Fannie Mae and yet none of them can or will give me a number or person I can talk to within Fannie Mae. The best I've gotten is being told that my number will be forwarded to Fannie Mae.

Does anyone know of a person or dept that we can call or email that can help us buy this home? Any help would be great.

Thanks

Fletcher

ps (by my calculation FM has spent more refixing/repairing then the home is worth which is sad)

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marie_ndcal

Could you go to the county assessor's office and find out the legal owner--that is who is paying taxes etc.

    Bookmark   May 10, 2011 at 1:53PM
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brickeyee

"My wife and I have been trying to buy a forclosed home from Fannie Mae for the last 2 years and still can't find anyone in Fannie Mae that will talk to us. "

Fannie does not sell houses it has foreclosed on.
This is usually handled by the mortgage servicer (and even they may hire the work out) that Fannie hired to precess payments.

    Bookmark   May 10, 2011 at 4:11PM
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sylviatexas1

Fannie Mae doesn't deal directly with a potential buyer;

Fannie Mae & Freddie Mac list their homes with a Realtor with whom they have a contract.

These contracts prohibit the listing Realtor from performing services for a potential buyer, so buyers have to have their own Realtors.

(A Realtor can put you on a program in which you & the Realtor will be notified by email when the house hits MLS.)

    Bookmark   May 10, 2011 at 4:55PM
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brickeyee

"nnie Mae & Freddie Mac list their homes with a Realtor with whom they have a contract. "

Most commonly the loan service as agent for F or F handles the foreclosure sales.

A lot end up as REO when the bids do not come up to the debt and costs incurred.
the rules to even bid do not help the sale.

Once it is REO the lender takes more interest in selling, but it still often drags out since no one at a bank wants to sign off on a loss (and they are still an agent for F or F).

'The Committee' absolves any individual of accepting the loss, but further slows the process of sale.

    Bookmark   May 10, 2011 at 7:55PM
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lesterd

Fannie Mae's website showing homes for sale is Homepath.com. As someone mentioned above, you wouldn't talk directly to Fannie Mae, but would instead talk with the listing realtor.

If you google "Fannie Mae Homepath", you can find tons of info on the process.

Good luck.

Here is a link that might be useful: Homepath

    Bookmark   May 11, 2011 at 5:53AM
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brickeyee

Be prepared for a slow process, especially if the house is being sold at a loss.

    Bookmark   May 11, 2011 at 11:56AM
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sylviatexas1

Really, once Fannie & Freddie put the house on the market, they're ready to get rid of it.

They may try a high-ish list price for the first couple of months (proving to themselves that they can't recover as much as they'd like to), but once you make an offer, things move at a good pace.

It takes only a few days to get a response, & the response is short & sweet;
they either take your offer or they don't, or they tell you they'll accept it if you'll do x or y or z by a certain date.

Once you have an executed contract, you the buyer have deadlines for getting financing, etc;
if you don't do your inspections on time, you lose the option;
if you don't close on time, the seller will terminate the contract & put the house back on the market.

    Bookmark   May 11, 2011 at 1:05PM
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