Prudential CA Realty
The best source for Fannie Mae bank owned homes is Homepath found at http://www.homepath.com . This allows you to search for Fannie Mae bank owned homes by zip code.
You can search homes and it is a low down payment loan program offered by Fannie Mae which favors traditional buyers over investors. When you compare interest rates, it may be higher, however, there is no mortgage insurance on the Homepath loans.
Also, make sure your agent does the comparable sales in the area as Fannie Mae tends to start their list prices about 10% to 20% higher than market value. However, most of their offers are accepted close to, or at market value.
Best of luck to you,
Mark & Kari Shea
Shea Real Estate
Home Sales Specialists; New and Resale Homes
Property Valuation Specialists
Land Sales, Acquisitions & Consulting
Serving Greater San Diego
Since it is a FNMA owned home the financing standards are quite a bit more flexible. I work with a lender who is an expert in these transactions.
If you are interested in finding a fixer, I can help you and some may qualify for financing. There are also some good FHA owned homes that may interest you.
If you would like some more information please contact me at your convenience
I am never too busy for your referrals
The San Diego Property Shop
CA DRE # 00648687