Fannie Mae owns thousands of home at all price levels across the country. When foreclosures occur on mortgages in which Fannie Mae is the investor, they sell the properties “as is”, and the condition can run anywhere from broom clean, recently remodeled, to needing a complete overhaul. It is recommended that you get an inspection, which is really the case for any property you purchase whether it’s a bank owned property or one that is purchased directly from a seller. Fannie Mae has condos, town homes and single family detached for sale, and one question that comes up is “Do I have to use a Realtor or can I buy direct from Fannie Mae?”. The answer is: YES, you must use an agent. Fannie Mae requires that customers be represented by Realtors. This is because even though some GREAT values can be had, there are specific conditions that Realtors are helpful with; for example Fannie Mae will not accept offers that are contingent on the sale of your current home. Other contingencies will be considered on a case by case basis. This is why first time home buyers are great candidates for Fannie Mae listings. You also need to be pre-qualified, even though the lender you ultimately use doesn’t have to be the one who prepared your pre-qual letter. If you are interested in finding some Fannie Mae properties for consideration, contact us at the Mannila Besaw Group and we’ll be happy to assist!