Profile picture for taramel3091

Can i bid on pre market

We're looking for a house and it is now under "pre-market" we spoke to listing agent aand he said he is just waiting for Fannie Mae to finish the paperwork. We're not sure exactly what the house would sell for but we're pretty sure on the foreclosure vvalue.  Would we be able to contact Fannie Mae directly and try to somehow get a leg up on ggetting the home or place a bid in with the agent? We're first time home buyers & in military, does that help in anyway? The home is homepath.
  • January 26 2014 - Stafford Township
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Answers (3)

Profile picture for taramel3091
Thank you! Those were great! Yes, we've been basically staying on the listing agents behind about when or if the paper work had gone through and did get to see the house even though not in market yet! I looked up The records and it says it does or did have tax liens against the home? I'm not quite sure how that gets incorporated into this home but I'm Still researching!
  • January 26 2014
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I believe you'll have to wait until the property is listed - but I'd get myself pre-approved for financing and contact a real estate agent to act as your buyer's agent and look out for you as you move forward rather than calling on the agent who's selling the home - you need someone who is looking out for you!
  • January 26 2014
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Foreclosure value or what it once sold for is useless information. What is it worth today is what the bank (Fannie in this case) is looking to find out. Then they will decide what they want to sell it for and list it for. You can't make an offer on it yet, just wait until the listing agent gets the word from the bank what they wish to list it for and then you can make an offer. If you already know the agent that will be listing it you are three steps ahead of anyone else that does not know because the agent will surely contact you and likely before they list it in the mls. The bank can often place conditions on a listing, such as having to make all offers to an electronic collection site so that the bank can see all offers and so buyers know the agent is not playing favorites. The bank can also say that only non-investors can be the only ones making offers for 15 days and stuff like that.

Good luck - make your best offer first. If it is a nice property you might be making a highest and best offer soon so hit it hard.

 
  • January 26 2014
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