How Do You Buy A REO Property From The Federal National Mortgage Association?
The Federal National Mortgage Association–known as Fannie Mae–has property for sale that it acquired through foreclosure, deed in lieu of foreclosure or forfeiture. If you qualify for a mortgage (or have cash) and do the proper inspections, you may be able to own a home that would normally be out of reach. According to HomePath.com, Fannie Mae has different types of real estate owned (REO) properties including single-family homes, condos and townhouses. Step 1 Obtain a prequalification letter from a lender. The prequalification process does not constitute loan approval, but it provides an intent to lend if qualifying information is properly verified. It will indicate the maximum loan amount that may be obtained. Fannie Mae will not accept an offer without this documentation. Step 2 Review the REO properties that Fannie Mae owns on the agency website or with a real estate agent. Step 3 Contact a real estate agent to see real estate owned by Fannie Mae. Step 4 Arrange for a thorough in
