All Forum Posts by: Zach Shafer

Just wanted to say thanks for the quick replies, and give an update... Looks like the home ended up going back to Fannie Mae (who was the mortgage investor) and they had it removed for exactly the reason that you fine folks posted above - it was more of a liability than an asset to the property.

Thanks!

Zach

Was hoping for some input from someone who has a close relationship with FM.

Situation:

We know of a house that has been foreclosed on that my wife and I are interested in purchasing as a primary residence.

It is a Fannie Mae home. We have already contacted the local agent who will be the listing agent. He has already let us walk through the house twice. We want it, and we want it bad. Unfortunately, this is a well-known home in the area. The listing agent has had 6 different calls about the place, and he only believes two of them (me included) are going to be making an offer when the house comes on the market.

So that being said - what things does Fannie Mae lean towards when they are comparing competing offers? The most obvious to me is the actual offered dollar amount. Do they pay much attention to closing costs? Closing dates? Approved financing?

Here is what we have going for us -

1. We already know the house needs repairs. (septic tank & drainfield, roof needs replaced) (this is fine... we are planning this into the cost of the home - we will have no inspection contingencies or anything like that)
2. We already have financing lined up and have been pre-approved for this specific house.
3. Due to #2 above, we could easily close within 30 days.

I'm just looking for suggestions on anything else that would be a 'kicker' for Fannie Mae to gravitate towards when looking at two different offers.

Who's been there? Help! :)

thanks,
Zach

I should qualify 'deplorable.' Pool had not been touched since the previous owners left. It was half full of DARK nasty water. Could not see the bottom of the pool. Not sure if it could have even been saved.

Just confuses me a little to see that the roof of this house is in terrible shape but BOA is spending time and effort removing a pool. Seems that the biggest risk for BOA is the roof in terrible shape - probably letting water and mold into the house.

But yes... the owners 'abandoned' because the property was a second/weekend home. Confusing situation

The quick version of the story:

Local person filed for bankruptcy in 2010, and according to them, 'gave they keys' back to the bank. House has sat vacant ever since then. County records still show it in the persons name.

BOA is finalizing 'foreclosure' on the property finally, and has set an auction date for early August. I noticed in the last two weeks, the BOA Field Services company actually took down and removed an above ground pool that was located on the property. Last time I was at the property, the pool was in deplorable shape, and there was a dead racoon in the pool, but WHY would the Field Services company remove the pool if the foreclosure auction has not yet taken place? Technically... the place is still in the previous owners name. No title change has taken place yet.

Does BOA have any type of legal responsibilty for things like this?
Is BOA just betting on the home not selling at auction, and already trying to prep the home for a REO sale?
Is BOA just 'doing the right thing' with removing the pool?

Judgement against the property is $350k+. BPO and local real estate agents believe the place is worth less than $100k now.

Your thoughts?