Fannie Mae Shadow Inventory... My buyer wants to buy one of them. HELP

Hi Sandra,

Before I broke into being a listing agent for banks, and mostly for FNMA, I thought it would be a great idea to make offers on vacant properties.

It never worked.

There is a process each property goes through. Once it has been assigned to an agent, and the prelisting tasks are completed, then, and only then is it possible to make an offer.

If you find out anything diferent I would love to know...

PHil

Sandra, I don't know about GA but in CA investors are buying homes at trustee sales. The banks are lowering the reserves and investors are getting some great deals in CA.

No I do not know but let me know if someone gives you the answer.

Hi Sandra Phil is right. Regardless of the foolishness it still has to go through the process and if your client cant or doesnt want to wait you need to put effort into ones listed as this is a nightmare path that leads to a dead end.

There should be a better system in place but I haven't heard of anything yet.  The banks just don't care because it's not their money.  They'll just put in for another taxpayer bailout after they lose enough.

I have looked at the Fannie Mae and Freddie mac websites and fins it almost humorous what few homes there are on the sites. In many areas, there are non listed

I had tried to do this very thing with a property that was going to sale, but the bank never answered.   Lots of time wasted on that one!