Does Fannie Mae remodel homes before selling??

Question

I just contacted a RE agent whose information was on a foreclosed property that I've been trying to purchase for over a year. He said that he did NOT have it listed yet because Fannie Mae (the owner) was remodeling it before listing. I have never heard of that, I cannot find anything about that online, and I have a friend that has been an agent for 20+ years that said Fannie Mae properties are always immediately listed. Fannie Mae is still listed on the CAD as owner.

Has anyone ever heard of this? I can't imagine a government lending agency remodeling properties. Just trying to learn more!

Has anyone ever heard of this?  I can't imagine a government lending agency remodeling properties. Just trying to learn more!

Wayne Brooks · Answer

@Stacie Smith Back in 2009-2012 they did that often here.

Russell Brazil · Answer

I brokered a deal once where Fannie Mae rehabbed the property first. It was 5 or 6 years ago. Only time Ive ever seen it.

Gee Arias · Answer

No problem! Thanks for the insight. This home is supposed to go in market this week but they said that last week. They also aren’t budging in letting see or bid on the house off market, which is frustrating. Will update once they go live and give us listing price

Stacie Smith · Answer

They took almost a year to rehab it and it's been sitting on the market at a high price since then. Doesn't seem like a smart ROI move for Fanny Mae, in my opinion.

(I had written this immediately, but apparently failed to 'Post Reply!' Sorry!

Gee Arias · Answer

Just kindly bumping this up @Stacie Smith. Any help appreciated!

Gee Arias · Answer

Hey @Stacie Smith - could you share what ended up happening for you here? I’m in a similar situation. Really wanting to bid on a property owned my Fannie Mae but it’s not on market until remodeling is complete. Looks like they’ve completely remodeled the home too. And have been sitting on the home for a good 4-5 years!

Should get appraised this week but trying to figure out how much they’re going to list and if they’re mostly trying to recover loss from the foreclosure

Stacie Smith · Answer

Thanks, Russell!

Does Fannie Mae remodel homes before selling??

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