I am looking at a property that is REO and was done through Fannie Mae. The listing agency is Coldwell Banker. I want to find out what is still owed on this property…are there public records on FNMA mortgages available at courthouses?
It has not been lived in for 2 years and there is some damage that will come in high on estimates. It is in a very good neighborhood.
You state that the property is an REO, if so then the loan is long since written off. It is now a non-earning real estate parcel on some bank’s books. Speak with the listing agent as they should be able to answer any questions you have.
I checked with the broker and they said they could not get that information since it was with FNMA??? Is there anyway to figure out what was owed on this property - I didn’t think FNMA actually got REO properties, don’t they just back the loan for a traditional lender??? So, the property should be on some lending institutions books and not FNMA, correct?
Does this broker know what she is talking about or I am completely confused?
FNMA is not a direct lender, you are correct they facilitate home lending by backing the mortgages. I’m not an expert in this area but perhaps there is a situation where FNMA might actually end up owning an REO.
If the broker is not providing info perhaps you can look up the previous owner thru courthouse records and just give them a call. If I might ask why are you concerned with the previous loan balance? Its an REO now and if you are interested in it you should be comparing similar property values in the neighborhood, fix-up costs and your exit strategy.