If FNMA is foreclosing on a home, are there any special rules or regulations that exist that differ from a normal foreclosure process?
I am in the midst of a Fannie Mae deal right now. It’s REO now, not preforeclosure. They do have certain stipulations, such as a hold period of 90 days before you can put the house back on the market. And that means actually not listing it for 90 days, not just an accepted contract date.
They also countered pretty hard with me, ended up with 3 counters before we agreed.
Other than that, it has been smooth from their end. They actually moved quickly - it took less than 24 hours to hear from them after my initial offer.
FNMA dejunked the house as well - all the stuff left from the previous owner was removed. That is going to save me a lot of time.