I think this is a somewhat unusual question as I searched and wasn't able to find a specific answer.
I found a boarded property that just recently transferred ownership from the prior owner to Fannie Mae, the deed appears that it was a foreclosure and recorded just a month ago. In addition, there is a code enforcement case on it that is a couple years old and still open.
My question: How do I contact Fannie Mae to purchase the property before they list it or auction it off? In essence, I'm trying to buy it before other competition comes around. Is that even possible, or are they obligated to sell all properties via auction / mls?
Is there an asset manager who can be contacted re the specific property? It is in the Sacramento area. Or do I have to wait for it to appear on Homepath and try to buy it the usual way?
Any suggestions would be really appreciated :)
You have to wait, you can't buy it before it hits the market.
Thanks so much for your response!
I see - what would be the best way to watch it? i.e. is there a way to know when it hits the market aside from driving by and looking to see if a For Sale sign is up or continually scrolling through the MLS or the Homepath site to see if it popped up for sale?
I understand that those may be the only options but I'm trying to figure out if there is any way to save time and target the property specifically? I guess my question is technical, i.e. - how specifically would you "wait", what can you do so you don't miss it when it hits the market? :)
Check Homepath regularly, or an agent can set up their own alert so they are notified immediately. You have to submit an offer through an agent anyway, so you might as well have one set up.
Gotcha, thanks Wayne!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing