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Fannie Mae Foreclosures.

Been looking at rental prop in Long Beach CA, which is an extremely competitive area (homes listed and sold in 1 week). We are looking at short sales, mostly taken by cash buyers, on the spot! I'm financing, and I feel like I cannot compete. A broker friend of mine plugged me into a couple Fannie Mae homes that were foreclosed on over a month ago, but are still not on the market yet. How can I make an offer on it before it hits the market? by dodranicra37 from Arizona City, Arizona. Aug 27th 2018 Reply

Hello, and thank you for the question! It is a tough spot to be in, I would say there are two keys: 1) use a REALTOR that is well connected so that they know what it coming on the market before it goes live, and 2) be patient. It's frustrating to lose out on bids, but one of the worst things you could do would be to work too fast and perhaps "win" a bid on a property that may not be the right one for you. Hope this helps...if you need a REALTOR recommendation, just let me know!

Aug 27th 2018
Dan Paladin (dpaladin)
#1 ranked lender in California - 734 contributions

Hi, I am in is a Realtor that works those type of properties or the Fannie Mae website that lists their properties though you cannot make any offers until property is listed and active with the Realtor that they work with.....though it is a competitive market the right Realtor can still help when competing against cash offers. Curious, short sales take bank approval and can take lots of time....unless the list price is already approved by the your "on the spot" is a little confusing. Foreclosed homes can take time to actually hit the market. The bank will determine when the release the inventory. Feel free to contact me for any financing help and if you need a referral to a great local Realtor....562.254.5616.

Aug 31st 2018
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