Fannie Mae (Federal National Mortgage Association) is a company supported by the federal government seeking the properties more accessible to Americans. Its mission says they are focused on working families have access to mortgage loans they can afford and at the same time seeking to avoid more families are affected by foreclosures. But despite that, many of the properties that have given them mortgages have to be repossessed by not being able to pay, to happen that the goal is to sell more quickly to minimize the impact on the community.
Many want to know how to buy a foreclosed home Fannie Mae, those properties are assigned to real estate brokers and listed on the website of the company. There are houses in all price ranges and in all US locations.
Financing options are varied and Fannie Mae advised that a financial advisor is sought to know what type of loan you qualify. Many properties qualify for the “HomePath Financing”. This type of financing is less complicated than traditional, is available in numerous banks and is exclusive to Fannie Mae properties.
For details on loans and qualification for these houses, you can access here.
Many properties require a 3% down.
In many you can get loans include improvements.
Consider the time the property has been on the market and current conditions.
If the property is in good condition it is more conducive to receiving offers price that is being sold (full price) or above.
You have at least three days after leaving the property for sale to the bid. Fannie Mae does not accept bids not later than three days have listed the property. In addition the first 15 days only accept offers from buyers who will occupy their homes, or public entities. After that time, evaluate other if a buyer has not been accepted.
Keep in mind that Fannie Mae homes receive multiple offers.
Make sure you and your agent understand the bidding process and that undergo complete. Offers that are incorrect or missing documents are not evaluated and may lose the opportunity to buy.
He understands that there is no time to waste and that the opportunity to buy the property will not be presented twice. Follow the instructions to submit your “best and highest bid”.
Fannie Mae can accept, reject or make a counter offer.
If you receive counter offer, prepared to have to change your original offer. They could ask the price increase, deposit money, change the deadline or make additional repairs.
Each bid must include appropriate contract to the state where the property is, the purchase addedum required by Fannie Mae and money required deposit, if it accepts the offer will be credited to soon or purchase costs. If not accepted, the money is returned, with the similar to any purchase process. It is also important to include proof of funds if the purchase is by cash or pre qualification letter if it is financed.
Congratulations if you accepted the offer. You will have ten days to do the inspection from the date you notify acceptance.
That’s your final moment of decision. If they find something that did not count in the inspection, you do not want or can repair, you could cancel the contract without penalty, if he so indicated.
With all approved including financing, if applicable processes, closing date is determined.