Upcoming Foreclosures

Question about Fannie Mae foreclosure timeline?

Hello all... Im interested in purchasing a property that was prev finananced with citimortgage and was foreclosed a few days ago. It is now being transferred back to Fannie Mae which will then relist and sell again. Fannie mae customer service told me the process to relist can take from 30 up to 90 days and there is no way they can sell it sooner than that. I have alread been approved for a loan, have looked at property and willing to purchase it "as is" My question is, I would like to purchase this property ASAP, is there any way or I can speed up the process and not have to wait 30 days? Anyone I can talk to maybe an attorney or something? my agent says there is nothing we can do but wait. Any advice is appreciated I forgot to mention, the prev owner that had the house was going to sell it to me and i have all the contracts signed, its just that my agent didnt submit all the paperwork in time to citimorgtage. Im not sure if that would make a difference or not.

Public Comments

1. Your agent is correct. Fannie follows a standard procedure for disposition of its owned real estate. You will not get any opportunity to purchase until the property shows up as 'available' at the Fannie or HUD website. Until then, it is simply NOT on the active market.
2. Unfortunately, all you can do is wait. There is a property in my neighborhood that has been a bank owned property for a year and a half, it still has not been offered for sale. 30 days is a best case scenario, you may wait much more than that to purchase the property.
3. Sure you can talk to an attorney and waste your money if that's what your into. What do you believe an attorney is going to do? My question is why did the property go to foreclosure? We you trying to complete a short sale? Did you know for sure that the property would revert back to Fannie and not to a third party? If you did, I'd love to know your network of contacts. The big issue here is that both Fannie and Freddie are so backed up in their Reo department, not to mention the fact that the sale may not be finalized yet either. Each state works differently. In some states, the foreclosure must be ratified, meaning the foreclosure must be listed with certain entities for a period of time, then appear before a judge before the actual sheriff's deed is recorded.