HomePath Mortgage Financing
Looking for a great deal on buying a home? Buying a foreclosed home is one way to get a fantastic deal on a home. Buying a Fannie Mae REO or Bank Owned REO is perhaps an even better way to get a great deal on a new home for you and your family.
What Is A Fannie Mae REO Property?
REO stands for real estate owned. Fannie Mae REO properties are Fannie Mae foreclosed properties that Fannie Mae owns directly or that is a bank owned home where Fannie Mae has insured the home. Bank owned foreclosed properties are also known as Bank Owned REO. Some statistics suggest that nearly 60% of the REO homes (Fannie Mae Owned or Bank Owned/Fannie Mae Insured) are associated with Fannie Mae in one way or another.
Fannie Mae is not in the business of home ownership so Fannie Mae wants to sell the homes on their REO list. With so many homes in foreclosure or that have been foreclosed on, Fannie Mae came up with the HomePath Mortgage Program to help reduce the number of Fannie Mae REO homes and Bank Owned REO properties.
How To Buy A Fannie Mae REO or Bank Owned REO
The process for buying a Fannie Mae REO or Bank Owned REO is simple. Fannie Mae has set up a network of real estate agents across the US to sell foreclosed properties that are owned by Fannie Mae. The way the Fannie Mae REO home buying process is setup, you cannot negotiate directly with Fannie Mae for one of their foreclosed homes. Rather, you must work through the listing agent representing Fannie Mae and the property.
You can put in a an offer directly with the listing agent. However, to make sure that you get the best deal you should work with a buyers agent. The buyers real estate agent will represent you in getting the best deal in your favor. The listing agent representing Fannie Mae will be working on behalf of getting the best deal for Fannie Mae.
How To Spot A Fannie Mae REO Property?
You will know if the home you looking at is a Fannie Mae foreclosure if you see the logo that is in the upper right hand corner of this article on any marketing material relevant to the property. Otherwise ask a realtor, go to PropertyNut.com.