Hi all,
I’ve found several bank owned properties in the adjacent counties around me. According to the county’s website, several of these properties were foreclosed on in “2004”. They are not listed with any realtor and would make good investments. I know my next step is to contact the REO department, but what can I expect the next steps would be, since there is no realtor involved.
The bank being Federal National Mortgage / Fannie Mae
I’ve read through some older posts and I have some reading materials here in my office that I’ll sift through.
Thank all who took a peek and left no response.
Fannie Mae has a website with its foreclosures on it
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp
There will be a realtor attached to it. Search for your properties here to find the contact person.
Goodday Lorik,
Been there, done that . This property was foreclosed on 5/04, ride by the property everyday. It’s locked up tight as a drum, but no one has been by there for as long as I have be riding by. No agent sign out in the fron.
Federal National Mortgage Association
Irving, TX 75063
Is this, or is it not Fannie Mae ??
There could be several reasons that this prop is currently not on the market. It could be ‘listed’ with a crappy agent that hasn’t bothered to put a sign up. Could be that it has problems with the land/title that currently prevents it from being marketed. Could be that it wss marketed, didn’t sale and is being left there until the lender decides what to do. Could be that they simply don’t know that they own it yet (don’t laugh, it happens).
Best course of action at this point is to enlist a professional RE agent to aid you in finding out what is going on with the prop and if it is available for purchase, what steps to take. Even if you do get through to someone at the bank (and they know what’s going on), you are still going to have to go thru an agent, so might as well have one working for you.
Raj