My prospective buyer did enter into an 'Owner Financed Agreement' for the property he currently lives in. He did make payments for about 10 years. "Owner" was foreclosed and Fannie Mae is now the property owner.
Fannie Mae then entered into a 12 month lease agreement with my prospective buyer. Lease agreement ended and my prospective buyer stayed for close to another year without renewing lease. He made all lease payments on time. Now Fannie Mae has directed its attorney to evict him. My client wants to buy the property from Fannie Mae, but it isn't for sale. I have never handle a transaction similar to this, so i wonder what will be the process. I spoke to the Fannie Mae's attorney and they said that they don't think Fannie Mae will sell now, but still agree to forward any offer i present to them. Does anyone has any experience with a similar situation?
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Wrong site, this is a short sale site, not an REO site....
I realize that, but as someone said, " it doesn't hurt to ask". Thanks anyway. Have a great weekend! :)
Sure, I just thought that you might get better answers on another site..... Good luck dealing with Fannie or Freddie, remember that they are essentially govt employees who are getting paid to prolong the foreclosure crisis :) They are employees who want to keep their job secure :)