The guide to buying fannie mae and freddie mac foreclosures


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The guide to buying fannie mae and freddie mac foreclosures

  1. 1. [Volume 1, Issue 3]The Guide toBuying FannieMae andFreddie MacForeclosures ContentsFannie Mae and Freddie Mac are mentioned a lot in Introduction……………………. 1the news, but you’re rarely provided with anexplanation of what exactly these companies are. Steps to Buying the Home…..2They stand for Federal National MortgageAssociation (Fannie Mae) and Federal Home Loan Contact Info………………………. 3Mortgage Corporation (Freddie Mac). Bothcompanies are Government-Sponsored Enterprises(GSE).Fannie Mae and Freddie Mac do NOT independentlyfund loans to buyers and investors. Rather, they buyand sell mortgages to applicable lenders. Thesecompanies exist to assure an indefinite source offunds for home loans. As a result, a homeowner maynot be aware that their loan is owned by Fannie orFreddie instead of the lender through which theyobtained the loan.
  2. 2. 2 As with other government foreclosures, these companies repossess homes with loans in their ownership that have been defaulted on by the homeowner. These home foreclosures are particularly ideal for first or next time home buyers interested in real estate foreclosures. This guide will walk you through the process of buying a home from Fannie Mae or Freddie Mac: Browse foreclosure listings: Compare listings of Fannie Mae and Freddie Mac foreclosures for sale in your area. This gives you an idea of where to place your maximum bid. Explore the neighborhood: Once you’ve picked a prospective home among the other foreclosure properties, drive around. Note the house’s proximity to schools and businesses. Secure financing: It’s easier to get through the process of buying foreclosure homes if you secure financing early. You may not be able to close the sale if you can’t prove your ability to pay. Have the property appraised: If there’s time before the sale and you have permission, hire an appraiser to assess the property. Their estimate may be far different from the asking price. Hire a realtor: Even if you have experience in buying foreclosed homes, a real estate agent may be necessary to close the sale. Some lenders are reluctant to sell to an unrepresented buyer.
  3. 3. 3 Following these steps will help you save you 30 to 50Foreclosure DataBank percent off the market value of any foreclosed houses. If you set your maximum bid, secured financing and hired1602 Alton Road #432 professionals to assist you if needed, you should close on aMiami Beach, FL 331391-888-596-9279 Fannie or Freddie foreclosure. Remember, Fannie Freddie will not provide you a loan; they are not in theThe biggest foreclosures database on business of lending to home buyers.the webFind us on the For additional information on Fannie Mae, Freddie Mac and other foreclosure lenders, follow our blog at