Real Estate Advanced Techniques
BUY FROM FANNIE MAE?
By Mark Walters
Jun 19, 2005, 12:56

Fannie Mae buys mortgages from lenders. That keeps the home loan market liqued.

Some of those mortgages go into default and the homes are taken through foreclosure.
Fannie Mae owned homes are sold through local real estate brokers. All Fannie Mae owned homes are listed in the local Multiple Listing System (MLS) accessible by any real estate broker.

You check out some Fannie Mae-owned homes that look interesting, and find one that you'd like to make an offer on.

First, you present your offer to the listing broker who will present it to Fannie Mae for consideration.

Fannie Mae will do one of three things in response to your offer:

1. Through the listing broker, Fannie Mae may accept your offer,

2. Reject your offer,

3. Or make a "counter offer."

The counter offer begins the process of negotiating for final purchase price.

When the price is agreed upon, you a "purchase and sales agreement" and begin the process of obtaining mortgage financing to purchase the home.

To begin a search for a home you can call the agent of your choice for more information and to find out what properties are available in your area.

About The Author - Mark Walters has written "Profits in Probates - The Amazing Real Estate Secret".

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