Does Fannie Mae remodel homes before selling??

[Stacie Smith]

I just contacted a RE agent whose information was on a foreclosed property that I've been trying to purchase for over a year. He said that he did NOT have it listed yet because Fannie Mae (the owner) was remodeling it before listing.  I have never heard of that, I cannot find anything about that online, and I have a friend that has been an agent for 20+ years that said Fannie Mae properties are always immediately listed. Fannie Mae is still listed on the CAD as owner.

Has anyone ever heard of this?  I can't imagine a government lending agency remodeling properties. Just trying to learn more!

[Russell Brazil]

I brokered a deal once where Fannie Mae rehabbed the property first. It was 5 or 6 years ago. Only time Ive ever seen it.