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We are in an unusual situation and we need questions answered:
My husband and I had a lease purchase agreement with the owner of the house we live in. About 2 months after we moved in the bank foreclosed on the owner and sold the house to Fannie Mae. A property manager was hired by Fannie Mae and we signed a years lease with them because we intended to buy the house when my husband got a full time permanent position.
We made rent payments on time every month for almost a year. In July the property management company said Fannie Mae would not renew the lease because they decided not to rent our area. We were in a much better position so we got a real estate broker, got pre-approved for a mortgage and had the house inspected. We made an offer in August.
Then the property manager said that our offer triggered the Fannie Mae sales department and we had to go to go a month to month lease at the end of our lease. Then she said that Fannie Mae would not even look at our offer but would be putting the house on the market and our offer would be up against any other offers they got. We plan to see how much they list it for and then make another offer.
We were told that our offer would be given no extra consideration even though we live in the house and we've been making our rent payments faithfully each month.
My 1st question is how long will Fannie Mae leave this house on the market and receive other offers for this house after we make our offer?
My 2nd question is are we going about this the right way? Any tips would be greatly appreciated.
We love this house and REALLY don't want to lose it.
I'd suggest going to homepath.com and doing some reading. The bid phase opens up first to local teachers and fire/police/first responders. Then it opens up to owner occs, government agencies and non profits and then to investors.
If you're in the first group you can potentially buy the house for half through the lottery program.
My suggestion is to contact the REO listing agent that Homepath is using and submit the offer through them. Homepath may want you to go through their financing. Once Fannie Mae accepts your offer, they will want you to submit an offical offer contract and the house will be considered "under contract". Once you signed and submit this contract and they accept it, everything will start moving.
That is an unusual situation. Don't make a special point of cleaning the house or keeping the landscaping nice while the house I'd for sale....
In AZ tenants can require 48 hours notice to show the home. They do not have to allow a lock box. They can print a list of all that is wrong with the home and make it available to buyers who view the home.
We won the contract on the house and should be closed by Jan 11. Something we learned is that a prospective buyer does not have to wait two weeks to submit a bid. The house went on the market on a Monday, we submitted our bid on Wed and the contract was accepted on Friday. We also learned that Fannie Mae won't fix anything so we did work on the house so that it would pass an appraisal. Fannie Mae did, however, allow us to use the lesser value presented by the appraiser as the buying price. An acceptable appraisal is very difficult to get these days in part because so few houses are being sold so comparisons are more difficult to find. This was a complaint from both FHA and Conventional Loan lenders.
We are in an unusual situation and we need questions answered:
My husband and I had a lease purchase agreement with the owner of the house we live in. About 2 months after we moved in the bank foreclosed on the owner and sold the house to Fannie Mae. A property manager was hired by Fannie Mae and we signed a years lease with them because we intended to buy the house when my husband got a full time permanent position.
We made rent payments on time every month for almost a year. In July the property management company said Fannie Mae would not renew the lease because they decided not to rent our area. We were in a much better position so we got a real estate broker, got pre-approved for a mortgage and had the house inspected. We made an offer in August.
Then the property manager said that our offer triggered the Fannie Mae sales department and we had to go to go a month to month lease at the end of our lease. Then she said that Fannie Mae would not even look at our offer but would be putting the house on the market and our offer would be up against any other offers they got. We plan to see how much they list it for and then make another offer.
We were told that our offer would be given no extra consideration even though we live in the house and we've been making our rent payments faithfully each month.
My 1st question is how long will Fannie Mae leave this house on the market and receive other offers for this house after we make our offer?
My 2nd question is are we going about this the right way? Any tips would be greatly appreciated.
We love this house and REALLY don't want to lose it.
First mistake, going to a real estate broker/agent. That mucked everything up. They probably charged headlong into things and had no idea what was going on. As someone else mentioned, educate yourself first and then talk to a real estate agent if you can't handle things yourself. There is no magic in real estate.
The recommendation to start at homepath is a good one. Then visit your banker and have them explain how they handle loans. You'll learn a lot and be better prepared.
No one cares that you've been making payments, you haven't been in the house long enough for that to make a difference. If your husband recently got a job or a permanent one, that is sort of a help but not much. Two years in a job that tracks his experience and education is a common minimum.
So lets start by the numbers:
1. Have the REA you worked with detail all his/her efforts to date. What did they say and what were the responses? Who did they speak to and when.
2. Start on the self education road but do so quickly.
3. Call the asset/property manager and ask them for the point of contact, the person who makes the decisions. It likely is not the same person your agent spoke to. In many cases, an agent calls the number and speaks to whatever person answers and accepts the role of the person saying they are the property/assest manager. Often, there is someone else that is making the decision. THAT is the person you want to speak to.
First mistake, going to a real estate broker/agent. That mucked everything up. They probably charged headlong into things and had no idea what was going on. As someone else mentioned, educate yourself first and then talk to a real estate agent if you can't handle things yourself. There is no magic in real estate.
The recommendation to start at homepath is a good one. Then visit your banker and have them explain how they handle loans. You'll learn a lot and be better prepared.
No one cares that you've been making payments, you haven't been in the house long enough for that to make a difference. If your husband recently got a job or a permanent one, that is sort of a help but not much. Two years in a job that tracks his experience and education is a common minimum.
So lets start by the numbers:
1. Have the REA you worked with detail all his/her efforts to date. What did they say and what were the responses? Who did they speak to and when.
2. Start on the self education road but do so quickly.
3. Call the asset/property manager and ask them for the point of contact, the person who makes the decisions. It likely is not the same person your agent spoke to. In many cases, an agent calls the number and speaks to whatever person answers and accepts the role of the person saying they are the property/assest manager. Often, there is someone else that is making the decision. THAT is the person you want to speak to.
4. Being educated, speak.
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