Shopping For A Foreclosed Home?by Tim Manni
HomePath.com is a website that showcases foreclosed homes owned by Fannie Mae. The properties, which range from single-family homes to condos to town homes, are searchable by state, county, city, and zip code. Searchers can even enter in a minimum and/or maximum purchase amount and the desirable number of bedrooms and bathrooms in order to refine their search.
Foreclosed properties tend to lure eager borrowers due their lower sticker price. But, buyer beware — Fannie offers this warning:
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.
To learn more about what to look out for and how to shop for a foreclosed property, click here.