Foreclosure in Cerritos>Question Details

Hbuyer, Home Buyer in Laguna Woods, CA

How should I contact HomePath to buy a condo that was recently foreclosed by Fannie Mae, but they have not yet put it on the market?

Asked by Hbuyer, Laguna Woods, CA Mon Apr 16, 2012

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If the property is not on the market yet, you will most likely not be able to get much useful information about it .For example, it may not even have a sales price yet.

HomePath does usually try and make sure their home sare in some decent condition before they put them on the market.

If you have your eye an a particular property, I suggest you get yourself an agent who can track the property and let you know the moment it hits the market.

Best of Luck to You,

KAwain Payne, Realtor
0 votes Thank Flag Link Tue May 29, 2012
If a property is an REO (Real Estate Owned ie. bank owned because of foreclosure) and not on the market it is in what they call Shadow Inventory (REOs not listed on the market). Houses in this status can be bought. It is considered a none performing asset to the bank so they would love to get rid of it. The FDIC regulates the bank’s inventory and puts strict guidelines on the amount of properties that the banks are aloud to list for sale. Truth is that the banks have so many foreclosures in their inventory that if they listed them all for sale they would literally crash the market. This is why the FDIC has given each bank a limit on the number of foreclosures they are able to list for sale. Therefore many bank owned properties must simply sit vacant and remain toxic on the bank’s inventory list until the market stabilizes, which could take years.

However just because banks are forbidden to list these properties for sale does not mean they are not for sale. The bank is even more motivated to sell these properties since they are not listed thus not getting any exposure to potential buyers.

Keep an eye out for the ones that have no real estate sign in the yard but do have stickers or papers in the window. This is the bank’s paperwork that states the property has been winterized etc… and gives you the name of the bank. Find the number to that bank and call them.

We sometimes have great properties at discounted prices. You can check us out here http://www.gmventureproperties.com
0 votes Thank Flag Link Fri Apr 20, 2012
May be the question needs amplification-
This condo is owned by Fannie Mae. It is not owned by a bank. The Bank is just a servicer. The condo may not be in the bank's inventory, so probably FDIC limits may not apply here. The question is - How should I locate and contact the asset manager at Fannie Mae who is holding this condo in his portfolio? If the asset manager is not with Fannie Mae, he may be with HomePath, Fannier Mae's seller. Thanks in advance.
Flag Fri Apr 20, 2012
They won't talk to you about any offer submission.

The only information you MIGHT MIGHT MIGHT get out of them is a date in which it MIGHT come on the market OR if they can give you an Asset Manager's phone # & from there you MIGHT find out who MIGHT be assigned the listing when it does finally come on the market.

It may not come on the market for up to a year.

Shoot me an email directly if you'd like to talk to me some more. I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Tue Apr 17, 2012
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