Fannie Mae Foreclosures

Written by Patricia Skinner
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You can find some real bargains among Fannie Mae foreclosures, but like anything else in life, you have to take care that you're buying what you think you are! Fannie Mae foreclosures can be found online through the Fannie Mae website, so that should be your first stop. Take a good look around, because there's lots to read about Fannie Mae foreclosures.

Some points you should bear in mind when considering Fannie Mae foreclosures: They are usually sold as-is without warranty. This means it's up to you to find out if there are any major defects before you close. Expect some cosmetic issues that you'll have to deal with though.

Thinking About A Fannie Mae Foreclosure?

The mortgage company may have no idea about problems that have arisen, or "remodeling" that may have been carried out on the house. If the house was left unoccupied in winter (in the northern part of the country) pipes may have frozen or other damage may have occurred. Have a thorough home inspection prior to buying it. Make sure the foreclosure paperwork is properly completed and registered.

If you follow the above advice, there's no reason at all why you shouldn't be very happy with Fannie Mae foreclosures. Especially if you've been lucky enough to sell your existing home, if you have one, and taken trouble to line up everything you'll need. Of course, your financing is the most important thing to arrange ahead of time. Don't forget to get yourself prequalified for the loan you'll need when you buy a Fannie Mae foreclosure.

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