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Updated about 8 years ago,
Foreclosed Properties Not for Sale
I am looking at foreclosed properties for a small REI -small condo or small 2-3 flat for house hacking- in the Chicago area. I see that some appear as foreclosed for a while, over a year sometimes, and appear as owned by the Federal Hone Loan Corp or similar entity, but they are not being listed for sale at the moment. The message I see is as follows:
Foreclosed Home
We are sorry, this foreclosed home is currently not for sale.
It is owned by:FEDERAL HOME LOAN MTG CORP
Can somebody explain how this works? Why are they not available for sale? What steps can I follow to make an offer in this type of property?