How to Buy a Bank Owned Home

How to Buy a Bank Owned Home

If you are considering home purchase, it is a good idea to familiarize yourself with the important details so you can make an educated and informed decision. With all real estate transactions it can be scary and overwhelming – but it doesn't have to be when you buy a bank owned home.

In today’s market, it is even more important to work with an experienced agent who knows how to successfully guide you through the home buying process – especially if you are interested in purchasing a home which is bank owned. Below you will find helpful details on how the bank owned home buying process differs from that of a traditional home sale.

 Freddie Mac one of America’s biggest buyers of home mortgages, is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Over the years, Freddie Mac has made home buying possible for one in six homebuyers and more than five million renters.

HomeSteps® is the Freddie Mac sales unit responsible for marketing and selling Freddie Mac real estate owned (REO) homes to homeowners and investors. HomeSteps® manages every stage of the REO process, from handling title issues after foreclosure to working with local listing agents to facilitate a sale. HomeSteps is one of the largest sellers of existing homes in the United States. Click here to learn more about Freddie Mac homes.

Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets. Fannie Mae was established as a federal agency in 1938 and was chartered by Congress in 1968 as a private shareholder-owned company. Fannie Mae is unique in the fact they can offer a potential purchaser specialized financing through HomePath Mortgage and HomePath Renovation Mortgage.

Click here to learn more about Fannie Mae Homes and HomePath Mortgage options

   Wells Fargo is also commonly known as Premier Asset Services (or PAS for short). Although the home loan may not have been issued through a Wells Fargo Mortgage, there are many times the loan is sold to a private investor and Wells Fargo becomes the mortgage servicer. When the property goes through the foreclosure process, it then becomes a part of the PAS asset management services. PAS services many large lending institutions across the U.S. Click here to learn more about Wellsfargo homes.

The U.S. Department of Housing and Urban Development (HUD) was established in 1965 to increase homeownership, support community development and increase access to affordable housing free from discrimination. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
Click here to learn more about available HUD homes for sale.

What does Fair Housing Mean to Me?
The Department of Housing and Urban Development enforces the Fair Housing Act and other federal laws that prohibit discrimination and/or the intimidation of people in their homes. The laws cover virtually all housing in the United States and nearly all housing transactions, including the rental and sale of housing and the provision of mortgage loans.
Click here for a complete copy of the Fair Housing Act.

Contact Information

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Nate Martinez
RE/MAX Professionals
20241 North 67th Avenue, Suite A1
Glendale AZ 85308
Fax: 602-532-7352

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