Home Buying in Miami>Question Details

luvv2learn, Home Buyer in Orlando, FL

My deceased father had a reverse mortgage and his home was sold at auction to Fannie Mae. Is it possible for me to purchase this home?

Asked by luvv2learn, Orlando, FL Fri Jul 26, 2013

My father passed in 2010 and at that time was not in a position to buy a home because I was laid off, but I have been working steady for 2 years now and I have a 690 credit score.

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Answers

11
Absolutely, there is nothing preventing you from purchasing the home if you qualify for a loan, and based on your credit you likely will. Good luck.
1 vote Thank Flag Link Tue Sep 3, 2013
Luvv2learn, can you send me the property address? I'd like to check for you to make sure the house foreclosure actually went final. We're generally seeing the houses remarketed 3-12 months after the foreclosure, depending on the condition of the home. Make sure you have a smart strategy for making your offer- know the comparables!
0 votes Thank Flag Link Tue Jul 30, 2013
If the Seller agrees to sell it to you, of course. There is no guarantee or ways around the Owner of Record to purchase this particular property. Bank Owned properties follow procedures, it is a very difficult system to crack.

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.
0 votes Thank Flag Link Sat Jul 27, 2013
Yes. Now is a great time to purchase with a 690 score. Yes you can buy the home from fannie may.
0 votes Thank Flag Link Sat Jul 27, 2013
Does the property appraiser's website show Fannie Mae is the current owner?

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,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Sat Jul 27, 2013
Hi
Sorry for your loss. I would recommend you get pre-approved with a local lender and start a relationship with a local Realtor.

Best of luck.

Spirit
0 votes Thank Flag Link Sat Jul 27, 2013
Hello there!

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.

Francesca McFeely
Keller Williams Partners
cel: 954-415-1155
0 votes Thank Flag Link Sat Jul 27, 2013
I believe you can purchase the home. 2 years employment is one of the most important things mortgage companies look at.
0 votes Thank Flag Link Sat Jul 27, 2013
Have done a reverse mortgage on the Buyers side. Do believe by law(at least in NY) that the offer must be 95% of the listed or appraised value(changes every 4 months). If there are any other further issues with the home that are not noted on appraisal it may be taken into consideration. Best of Luck!
0 votes Thank Flag Link Sat Jul 27, 2013
Yes of course. What is the price they are selling property and your qualification for a loan.
You need to find a residential loan thru any bank. If property is listed and you make a good offer them you can buy it.
0 votes Thank Flag Link Sat Jul 27, 2013
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