Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-20-2010, 07:10 PM
 
1,174 posts, read 6,925,229 times
Reputation: 1104

Advertisements

A listing just showed up in the MLS. It hasn't been listed for more than 7 days and has that "homepath" verbage listed as a selling point by the agent.

I looked it up in the County tax/sales records and it shows the current owner as FNMA. They took ownership back in March 2010. It appears that they just listed the property with an oddball agency.

I drove by the property expecting nobody to be living there, but I found something else. The sign from the agency was in the yard, but there appeard to be activity at the house. Some stuff was in the garage (i.e., kids bike and general garage stuff - not moving stuff) and there was a flag on the porch. A young child was also playing in the yard and, when i drove by, she ran to the yard sign and stood in front of it. When I drove by later in the evening, a car was parked in the garage. It looks like someone is living in the home.

What might be going on here? I thought that when a house was foreclosed, the old owers left the property. I've haven't heard of FNMA renting the house out after they foreclosed on it. Since there's no way it would have been listed, sold, closed and occupied in 7 days, do you think this could be a situation of a prior owner squatting in the house?

BTW, just by looking at the outside, I can tell this is not a house that I would buy. It won't make a good rental property for me to buy since it's a two story, especially at the price FNMA has it at. That's why I'm not pestering the Realtor that I've recently used. I'm just curious about your opinions since I may run into something similar in the future.
Reply With Quote Quick reply to this message

 
Old 11-20-2010, 07:28 PM
 
Location: Valparaiso, IN
63 posts, read 195,525 times
Reputation: 35
Not sure but read this from 2009

"Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.

The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement."
Reply With Quote Quick reply to this message
 
Old 11-20-2010, 07:34 PM
 
3,398 posts, read 5,085,061 times
Reputation: 2422
You won't know by asking people here. If you really want to know ask the listing agent.
Reply With Quote Quick reply to this message
 
Old 11-20-2010, 07:47 PM
 
1,174 posts, read 6,925,229 times
Reputation: 1104
Quote:
Originally Posted by nwihomes4sale View Post
"Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday."
Thanks for the info. I didn't know that this option was available for them. Thanks again, nwihomes4sale.
Reply With Quote Quick reply to this message
 
Old 11-20-2010, 07:56 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,070,187 times
Reputation: 2661
Quote:
Originally Posted by garth View Post
Thanks for the info. I didn't know that this option was available for them. Thanks again, nwihomes4sale.
I thought you were off RVing..

I would look for some anomoly in this one. Squatter...moved out then back....never moved out...kid of the listing agent...There are all sorts of pertubations.

I would doubt Fannie would list a rented house...and further doubt without noteing the fact it was rented. All not believeable.
Reply With Quote Quick reply to this message
 
Old 11-20-2010, 09:56 PM
 
1,174 posts, read 6,925,229 times
Reputation: 1104
Hi olecapt! Long time no post with . . .

Yes, I thought it was strange and there was no mention of it in the MLS . . . but that wouldn't surprise me. nwi's posting would explain it. I'd hate to be the listing agent with the FNMA contract and then have to deal with squatters in a house s/he's trying to sell.

Yes, we were off RV'ing, but we've since bought a few properties. RV'ing was/is fun, but it's something we can't do forever.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top