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Foreclosed or bank owned or both?

I've found a home that I want (because of the school district) from zillow.  It said foreclosed and I went to property tax, it's currently owned by FEDERAL NATIONAL MTG ASSN (FNMA).  I then went to FNMA website and I did not see the home for sale.  The house foreclosed in May.  So, the house is foreclosed and is it considered bank owned?  Any idea how long it'll takes them before they put on the market for sale?  Is it a good time to approach FNMA to offers?  This is a Texas property.

Thanks.
  • November 17 2012 - Houston
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Answers (3)

It could be months or years before it goes on the market.  Unfortunately you just have to wait for it to get listed.   Have a realtor keep an eye on it for you so you can bid when it comes on the market.       
  • November 27 2012
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It is unusual for a home to take that long to get on the market from Fannie Mae.  There are very likely some title issues, a second lien, probate or another reason it didn't come on the market.

Look it up on Zillow and then you can subscribe to an alert when it comes on the market, you'll get an email.

Also, FNMAE will not sell to you directly, so you have to wait for it be listed.

good luck,

Naima
  • November 17 2012
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That is now a bank owned home and Fannie Mae will get around to listing it for sale sometime. Banks and govt offices work S L O W L Y  and they will be checking the title, looking for liens and doing legal paperwork along with getting valuations on the house as well as inspections (to some small degree) as they get read to list it for sale. Hang in and keep watching Fannie Mae's website. In the meantime find a Realtor to work with since they will need to write the offer. Also, Fannie will require a letter from a lender saying you should be able to get a loan - this is called a pre-qualification letter and you have to have it with the offer.

Tim
  • November 17 2012
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