MERIT Realty Reports FNMA Has Over 1,500 Foreclosed Properties In Las Vegas & Henderson

Posted under Bank Owned, Foreclosures by Louie Frias

Fannie Mae’s database includes only properties that are owned by Fannie Mae. Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture. 

There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs. 

Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement. 

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works. 

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense. 

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy. 

Additionally, Fannie Mae wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range. 

A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted. 

Two very common questions… 

What happens if Fannie Mae gets more than one offer? 

All interested parties may be asked to submit their best offer in writing though their real estate agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer determined to be in the best interest. Fannie Mae is not obligated to accept any offer submitted.

Can I buy a house directly from Fannie Mae without going through a real estate sales professional?

No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through licensed real estate agents. You may work with any real estate sales professional to submit your offer.

To search for all FNMA listed properties in Las Vegas and Henderson, use this simple website: HowToBuyABankHome.com