I have been asked the same question dozens of times and I don't think many of the responses are addressing your concern. I understand the home has sentimental values for you and I am also very sorry for you loss but there is no way to ensure that you will be able to buy the property.
Once a property is foreclosed, sold at auction to the Plaintiff in this case Fannie Mae, the property is assigned to a Brokerage Firm to market, the marketing process can sometime takes months. In that frame of time there is a number of things that can happen that could prevent you from purchasing the property.
In a perfect world, you will expect the following:
Property to be marketed openly and not just to a group of Buyers
No damages to be incurred during marketing time preventing you from financing the property
Seller to entertain offers subject to financing
Securing an Real Estate Agent that completes all due diligence in a timely manner
Being the highest bidder on a multiple offer situation
Best wishes to you, if you need any additional information please feel free to email me.
Go to HomePath.com and setup an automatic notification for properties in the zip code. You will get an email when the property is listed.
You will have to bid with other buyers and make sure you get approval for a HomePath mortgage so you can be more competitive with the many other offers you will compete with.
Some Fannie Mae owned properties get sold to multimillion dollar investors in a package deal so it may not ever come on the market.
You will not be able to buy it "below" market so if you have a personal reason and are okay with paying more than it's worth then absolutely get a HomePath mortgage preapproval so you can pay above market value.
All the best,
Absolutely you can purchase this home if it's available for sale. You are a perfect candidate with a 690 credit score and two years of steady employment. I can assist you with this purchase and inform you whether this home is still available for sale through the MLS.
Commissions are normally paid by the seller, so it would be in your best interest if you engage in the services of a real estate pro, like myself, to assist you during your home purchase. With over 20 years of experience in the business, I can assure you a pleasant purchasing experience.
Please contact me and I will be thrilled to work with you.
Looking forward to hearing back from you.
Keller Williams Partners