Buying a home from Fannie Mae

Asked by Genny, Westland, MI Fri Jul 22, 2011

Hi, I have been renting a home that went up for sale, on a short sale. I bid on the house was accepted and had all my paper work in order, then at the last hour the underwriters didn't get the job done and the house went into forclosure. That was a month ago. Now I am using my current lease leasing from Fannie Mae. The house went back for sale and I bid on it and again my bid was accepted. I will sign the papers tomorrow. My question is do I still have to pay my lease to Fannie Mae? Can they renig on this deal if I don't? The house is projected to close on Sept 16. They can't evict me at this point can they? If they already accepted my offer? I am trying to be sure to have enough funds for closing. Thank you in advance.

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Ed Beck, Agent, Boonton, NJ
Mon Aug 15, 2011
If you do not continue to pay your rent, they do have grounds to evict you. You will continue to pay rent to Fannie Mae until you close. Keep in mind, you don't have a deal until you have a contract fully executed by both parties.
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Andy Hargrea…, Agent, Plymouth, MI
Mon Aug 15, 2011
Please be advised I list homes for Fannie Mae, so take my answer with perhaps some interest.

As a "tenant" to Fannie Mae, you are given 1st opportunity to purchase the home you are renting BEFORE anyone else does. Ideally, you should call the agent who placed the notice on the door and let them know you are interested in buying the home you are leasing. You are subject to the valuation and assessment Fannie Mae puts on the home, which may or may not be in line with the short sale price, if indeed it was too low for the market condition.

You should absolutely pay your lease to Fannie Mae. I wouldn't necessarily hold your hopes out for the short sale to close, as there is no guarantee what happened before can't happen again.
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Genny, Home Buyer, Westland, MI
Fri Jul 22, 2011
I am in fact working with an agent. She works for Century 21 but does not know the answer to my question. There is also a broker who represents Fannie Mae on this sale. This has not in my understanding been a typical sale. I have been on an emotional rollercoaster for months. I do appreciate your reply.
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David W Boll…, Agent, Ferndale, MI
Fri Jul 22, 2011
When you bidded on property did you use a agent, or was the property listed on auction site. If, the bid was submitted thru a agent, call and direct your questions to your agent. Although you are renting from Fannie Mae, you can still be taken to court and evicted if you do not pay your rent. Regardless, if you have a sign purchase agreement to purchase the property. Once you sign paperwork. Their will be a REO# listed on the top of the Fannie Mae, Purchase Agreement. This number usually starts with the letter "C". You can call Fannie Mae hot line and ask to speak with the asset manager, the person in charge of handling the sell for Fannie Mae. And direct any and all questions with them. If, you need more information, please give me a call.
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Trevor Hunti…, Agent, Port ludlow, WA
Fri Jul 22, 2011
Talk to your agent and if you didn't use a Realtor then you are going through some of the rough questions that we are there to help you with. As Ron said a buyers agent is not going to cost you a penny, so make sure that you take advantage of a good agent in the future.

Best of luck,

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Ron Thomas, Agent, Fresno, CA
Fri Jul 22, 2011
Let me guess, you are working without a Reator to protect your interests?

A Buyer's Agent is free to you; not a penny.

Why wouldn't you take advantage of that?

Good luck and may God bless
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