I have a 2 yr lease, but the home is now foreclosed. Will Fannie Mae give us the renters a chance to buy the home before listing the home for sale.?

Asked by Canuhearme, Blythe, CA Mon Jun 20, 2011

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6
William Hala…, , Riverside, CA
Sun Aug 12, 2012
As long as it has not yet gone to auction there is a chance. Very fluid situation, changing constantly but worth looking into. You have rights and power...possession is nine points of the law.
0 votes
Stephen McKee, Agent, Riverside, CA
Tue Jun 21, 2011
I've done it with other servicers other than Fannie Mae. Ken would be the most knowledgeable considering the number of REO's he has done. Be sure to at cash for keys. The bank want the property sold but Fannie has lost of bureaucracies.
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Athene D May…, Agent, Murrieta, CA
Mon Jun 20, 2011
Fannie Mae has a program called Tenant-In-Place Rental and you can get information by calling the following number for the Consumer Resource Center 800-732-6643 and asking for the document "Knowing Your Options". Please feel free to contact me if you need further assistance or would like to discuss owning a home of your own! Knowledge is Power and I'm here for YOU!
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Tracy Andrews, , Riverside County, CA
Mon Jun 20, 2011
It may be possible. I've sold a Freddie Mac home with the same scenario. When Fannie offers you cash for keys you will have to ask at that time. In the Freddie Mac situation, the buyer asked the person that offered cash for keys. That person asked the asset manager and the asset manager said if the tenant can provide a preapproval letter, they may be willing to sell to the tenant. Long story short, the tenant contacted me, I referred the tenant to my preferred lender and a few weeks later the bank told us the asking price, we submitted the offer, and closed the transaction aboout 30 days later. If you have additional questions contact me at 951-906-6355.
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Ken Kelley, , Riverside County, CA
Mon Jun 20, 2011
I do not believe that they would. They would honor your lease though. Maybe I could help you find something acceptable to you in a similar price range. Please call 951-684-4881 or email candcreo@earthlink.net
0 votes
Karen Whitman, Agent, Riverside, CA
Mon Jun 20, 2011
When the home forecloses the lease is void, but they may let you rent, but the home will have to be marketed to the public and you can make an offer. An agent who represents Fannie Mae will be getting in touch with you.

If you need more information about purchasing the home, please feel free to contact me at 951-312-8473 Karen Whitman RE/MAX All Stars DRE #00791923
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