Question Details

Alicia M Lowe, Home Buyer in Guyton, GA

Can I lease to own a foreclosed fannie mae property?

Asked by Alicia M Lowe, Guyton, GA Fri Jul 20, 2012

Good credit scores great debt to income ratio slow acount history. Found the homejust need 12 months to beef up revolving accounts history to qualify to purchase in a year.

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Answers

4
Not what I was hoping to hear.

But Thanks for the heads up guys...;o)
0 votes Thank Flag Link Fri Jul 20, 2012
No, this is not something any of the foreclosure companies will do at all, whether it is Fannie MAE, Freddie Mac, VA or FHA. SOMETIMES a small town local bank might be willing to lease while the property is being marketed for sale, but this is very rare.
0 votes Thank Flag Link Fri Jul 20, 2012
I don't see this as an option. Fannie Mae will want to liquidate the home to clear it off the books - they are not in the property management business. Though stranger things have happened, I don't see them willing to work with you to lease, especially since you have credit issues and there is no guarantee that you will be better in 12 months. I'm pretty positive they won't entertain the idea and will want to just sell it.
0 votes Thank Flag Link Fri Jul 20, 2012
Nope, they only sell them because they know a rent to own means they might own it for years and that is not what they do.
0 votes Thank Flag Link Fri Jul 20, 2012
Even if I commit to a 12 month lease to buy contract. They currently have $1000.00 earnest money on a contract we tried to get approved for.
Flag Fri Jul 20, 2012
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