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Copyright © 2006 by Bob Schwartz San Diego real estate broker Certified Residential Specialist
Promotions Unlimited All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. | | Fannie Mae ForeclosureMany people in the USA who cannot afford a house of their own have the great option of a Fannie May foreclosure. A smaller monthly payment can be made because of the cheaper price which also reduces the risk of default and repossession of the home. This is great for the homeowner and lender alike. Also, a real estate agent can purchase a house at bargain prices and sell it for a profit by keeping the house below the average price while making money on it.
What is a Fannie Mae foreclosure?
It is a shareholder company that buys up repossessed property. It then turns around and sells these homes at a cheaper price. The aim of the company is to give cheaper homes to people who might otherwise not be able to afford it. They will also set up mortgages and negotiate prices for the homes. They provide a good alternative to people who cannot afford a regular priced house.
How can you find Fannie Mae foreclosure property?
There are 2 ways you can find this type of property. Number one, you can check out the fanniemae.com website; it reveals numerous choices to choose from. Different listings show many sorts of homes. However, some homes will require great repairs so it’s essential to be very careful of some properties. The second way is using a real estate agent. These agents have many listings and can help you locate any property you request and even better, they’ll help you to spot any repairs that are needed in a home.
How do you buy a Fannie Mae foreclosure property?
You usually go through a real estate agent. They will contact the company and negotiate a sufficient price for you. They will do this by presenting your offer to the company. The company will then either accept or reject your offer. They can also come back with a counter offer. When they do this you and your agent will then negotiate a price that you can afford for the home of your choice. Once the price is settled you sign the sales agreement to show your good faith in purchasing the home. Once this is done you will go through the mortgage process.
Qualifying for a Fannie Mae foreclosure property:
It’s often difficult to decide if you can actually afford a new house. But luckily, the Fannie May company website has resources to help you. You can assess your income at a special page on their website. They’ll let you know if you pre-qualify for a mortgage as well. All you have to do is fill in the necessary financial information and you will acquire your results in minutes. This is such a great resource because you’ll save time and also disappointment. You’ll know quickly what price range you can afford and then even narrow down your price range and look only for those properties.
So do not be discouraged when you look at all those high priced houses. You can still get the house of your dreams by going through Fannie Mae foreclosures. 
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