Foreclosure in Seattle>Question Details

kathy.bressi, Home Buyer in 98021

Fannie Mae listing question

Asked by kathy.bressi, 98021 Wed Oct 23, 2013

If a property is listed as being owned by Fannie Mae, is on the market for sale on local realty websites with an MLS number, but is NOT listed on Fannie Mae's website, will there be an issue in making an offer to purchase?

Help the community by answering this question:



Kathy –

Have you been able to locate and purchase a property yet? Do you still need any assistance ?

Dave Skow - WA MLO #278613
Eagle Home Mortgage
w 206 714 9745
0 votes Thank Flag Link Thu Apr 3, 2014
I realize this is an older question but anyone referencing it should know that the only possible issue you will face is that the property is actually sold. Realty websites do not refresh data frequently enough, often properties that have long since been sold are not removed from the site.

Also I am curious what the outcome of your situation was?

Best regards,

0 votes Thank Flag Link Fri Jan 24, 2014
The property you are referencing:…

is more of a unique situation, it is in fact owned by Fannie Mae but it follows HUD guidelines. Because of that the offer process is NOT through, instead offers are submitted in a more traditional fashion with a written offer being submitted. This home does currently have multiple offers on it and with this property they do not follow "normal" multiple offer guidelines nor do they have that traditional Fannie Mae "First Look" period.

You are welcome to call me if you want more info, we sell Fannie Mae (and HUD) properties regularly. Here are some helpful links:
0 votes Thank Flag Link Wed Oct 23, 2013
It depends what website you are looking as many websites aren't up to date and the property could be long since sold. If you are looking on the Home Path home, the offer is required to be submitted on line, so there must be portal where the offer can be submitted by the RE agent.

It might sound like the typical RE speak, but it's best to work with an agent experienced with these types of homes and the ins and outs of working with Fannie Mae specifically and their website. Sometime the homes are seemingly "hidden" in plain site on their website. I'd be happy to help if you would like to investigate further. I've successfully closed several of these homes this year, my clients love their new homes and they made a great investment. The Homepath program gave them more reach to purchase more house than they would have been able to on a "regular" home.
0 votes Thank Flag Link Wed Oct 23, 2013
If a listing is featured on "local realty websites" but is NOT listed on Fannie Mae's website, then I would question the source of of your information. Which websites are you looking at? If it's a current Fannie Mae property, then it will be on Fannie Mae's website. If, however, you're using a 3rd party website like Zillow or Trulia, then the information may not be up-to-date. Third-party websites are less accurate than Realtor websites. If you spend a lot of time on third-party websites you've likely discovered that the information may be weeks or even months out of date.

My best advice is; seek help from a Realtor. In most cases, you won't have to pay for the services of an agent. Realtors are paid by the seller when a sale closes. (Discount or fee-for-service Realtors are paid by you.)

The real estate (agent) database is highly accurate. You'll save a lot of time and frustration if you seek the best and most up-to-date information. Talk to a Realtor.
0 votes Thank Flag Link Wed Oct 23, 2013
You might be comparing two different types of properties here. If you're talking about foreclosure inventory that's owned by Fannie Mae and eligible for their Home Path financing, then yes. They should be both on and the listing should reference Homepath, as well. But that's only in the event it is a foreclosure.

If it's a non distressed sale and the property is owned by Fannie then it would not be listed on, nor eligible for their financing.

If the property is identified as being Home Path eligible, yet it's not on, then that could be a problem down the road with financing.

I hope that helps
0 votes Thank Flag Link Wed Oct 23, 2013
Can you share the MLS number.....then I can do a bit of research for you?
0 votes Thank Flag Link Wed Oct 23, 2013
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