Fannie Mae Repo

AJ Williams · #1 08/06/07, 05:44 AM

Does anyone know how to find out the ballance due on a Fannie Mae repo?We found one and we really would like to get it. Has to have new road put in and well dug. Appears to have been vacant for a couple of years. Is in good condition but needs lots of TLC.

Danaus29 · #2 08/06/07, 06:17 AM

Good luck. All I've ever found have been sites that you have to pay to get the info. And their info isn't that accurate. One site even has a house I recently purchased listed as being bank owned and for sale.

You might be able to find something if you go to your counties real estate division and ask about title information. You should be able to find the repo info and the name and number for the attorney that instituted the legal action. They would be the first place to start because they would know who is handling the sale. But even before that, check with the county auditor and find out who owns the property. I know our county leaves the owner on their site if the property was repo'd so that doesn't always work. If the property owner has a different address than the property, you could try contacting the owner at their listed address.

Kevingr · #3 08/06/07, 08:23 AM

The county would have all the info on the most recent sale which would be the Sheriffi sale, but that wouldn't be the outstanding balance, it'll just be the balance at the time of the sale. Often times the county tax regards will have a contact name listed under owner or tax payer, not just Fannie Mae. And as Danaus pointed out if you can find the attorney who handled the forclosure they can help you with a name.

But, what you really need is just some place to submit an offer too. It doesn't matter what's owed, what is it worth? If it's worth less than what's owed then they'll just have to accept less.

AngieM2 · #4 08/06/07, 08:27 AM

This site might help you get started:

http://www.mortgagecontent.net/reoSe...roperty+Search

Angie

Wolf mom · #5 08/06/07, 09:06 AM

Realtors have lists of repos. Bank, Fannie Mae & FHA. There are realtors that work with nothing but repos.

The lists have prices on them. Not what is owed, but what the bank &/or fannie mae is willing to take for the property.

In AZ. each county also holds public auctions at the county seat on land for back taxes.

How do you know this was a fannie mae loan to begin with?

piglady · #6 08/06/07, 10:22 AM

Thank you. I actually found the house next door. A single man purchased it a few years ago and was killed in an accident. The house was repo-ed and now it's up for sale. The realty office web site says it's for sale at $80,000 but this site says $64,900. So, is that what he owes on it or is that just what they expect to sell it for.

ricky · #7 08/06/07, 10:52 AM

Not every Realtor has the proper paper work in order to sell repos the belong to the gov. But there are some . call a few offices and they will hook you up with the right one. with that said i bought a repo last oct they had it listed as being worth 135.000 and were asking 95g for the property. here is the kicker the listing agent or gov what ever puts the property up for sale at x dollars. if the property does not sell with in x amount of days the price drops like 10% and every time the period runs out it will drop another 10% the period is not long maybe 10 to 14 days. One more thing you can not just buy the place it is always up for high bid. I was lucky with my home it droped down 10% and i bid 77 g and got it. It appraised last week in the 90's. SAD to say I think i could have got it at an even lower bid much lower but i needed a home and didnt gamble. so if you dont need a home yesterday play your cards and you'll get a deal. just remember a repo is a repo you'll be superised what you'll find wrong. send me an im and ill call you and explain what is what if you wish

AJ Williams · #8 08/06/07, 11:07 AM

The rest of the story on this is that a road or driveway has to be built about 2000' and water (well or County) has to be put in. I guess the source it has belongs to the Farmer on the other property. 96K is list price, I think 70K will be first offer. Without a road there is no legal access to double wide trailer. Could take as much as 10k to put in drive. Trailer needs about $2500 to bring it up to liveability. Wife and I can handle all of this.

fordy · #9 08/06/07, 01:12 PM

Quote:

Originally Posted by AJ Williams

The rest of the story on this is that a road or driveway has to be built about 2000' and water (well or County) has to be put in. I guess the source it has belongs to the Farmer on the other property. 96K is list price, I think 70K will be first offer. Without a road there is no legal access to double wide trailer. Could take as much as 10k to put in drive. Trailer needs about $2500 to bring it up to liveability. Wife and I can handle all of this.

.............Make your purchase contingent upon obtaining a source of water , either by well or other . No water no purchase ! , fordy

AJ Williams · #10 08/08/07, 05:55 AM

Quote:

Originally Posted by fordy

.............Make your purchase contingent upon obtaining a source of water , either by well or other . No water no purchase ! , fordy

Unfortunately Fannie Mae will not work on contingency for anything. Wanted to purchase on contingency of my house selling. No way was answer. So looks like I may be taking about 10k equity loss to get this other property with home. Of course still making money on sale of home.