Fannie Mae foreclosure

mbalbritton

mbalbritton

#@$%!
Joined
Mar 22, 2005
Location
Greensboro, NC
What's the deal with the Fannie Mae foreclosure home sale? We aren't actively looking for a house, but I've always got my eye out just seeing what's going on.

Today I open my realtor app just to look around and find a house that looks good in an area we REALLY like. The price seems low for all it has, so we call and go see it today. We find out that it's a foreclosure and a Fannie Mae house.

Not knowing much about what that really means, I do a little research and (very little) and it sounds like a damn nightmare.

In this case, it sounds like a silent auction, no investors allowed and you have to get a conventional loan.

What's going on with these guys now. Sounds like they want to dump it and get it off their books.
 
It is hard to win one. Seem there is either inside bids or bids not being turned in. I tried for a few but got tired of missing them.
 
Willc said:
It is hard to win one. Seem there is either inside bids or bids not being turned in. I tried for a few but got tired of missing them.
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And that's a big concern too. I'd need to sell my house first in order to have the 20% down. And I don't want to be caught without a house. There's not a whole lot of available housing in our area. That in turn is also why I'd like to get this house. Not much available and this one is great!
 
Y'all watched The Big Short?

Caught it yesterday as I was recovering from overstuffing myself with turkey. Good flick.
 
Ours was a foreclosure and a "silent" auction.

The auction had a date and time of when the bids were opened.

The highest bid will
Be accepted, if any are accepted. The next highest would "win" if financing couldn't be secured by first winner.

We purchased with $100 down, 30 yr fixed. It is out primary residence.

I was told it was done to try to get homeowners first option to buy foreclosures and to give them a chance against the investors flipping houses.

If no one wins a number of the auctions, then it is opened up to investors and non primary residence buyers.

That's all I know.
 
I can help here but damn I'd type a book.
So a couple quick hits.

1 feel free to call me 8zero3 6two7 9 zero 29 and I can probably offer some good advice.

2..let's start here. Is the house on hudhomestore.com?
 
govt owned foreclosures can be a real PITA to get. Our most recent flip project was one. Paperwork is cumbersome but nothing too terrible.
 
That is a homepath home.
It wont be open to investors under that designation.

You will need to down payment they likely wont accept a contingency offer.

here is some more info: HomePath.com - Find a Home during First Look

Ive heard of people buying them for 70% of list.
 
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