Fannie Mae & Freddie Mac Lease Purchasing?

[frmtgrl 0]

I received the following email from a person who had his house FRBO on Craigslist. I asked him if he ever thought of selling his house on a lease purchase and this was his response:

 

"Please tell me more about the details. However, why

should I go through you? Fannie Mae and Fredie Mac

have this kind of programs as well.

 

What are my obligations and shortfalls?"

 

Is anyone familiar with these programs that are offered? I'm sure they still would NET more with doing it through me. But I am not up on the details.

 

Thanks for the help in advance,

 

Lisa

[Dbuddha 0]

Hi Lisa,

 

I don't think Fannie Mae and Freddie Mac is gong to lease purchase any home. They are secondary mortgage note buyers that sells the note via securites to investors. That is my understanding.

 

Check out their sites to see more information.

[MichaelC 160]

Lisa, true, Freddie and Fannie do offer their versions of lease purchasing. They are somewhat limited in scope and, truth be told, one in 1000 homeowners you talk to will ever know about these programs. It wouldn't surprise me to learn that many lenders don't even know these programs exist.

Remember, your business relies on uncovering motivated homeowners. This one clearly isn't. Just pass on him and talk to others.

[frmtgrl 0]

Lisa, true, Freddie and Fannie do offer their versions of lease purchasing.  They are somewhat limited in scope and, truth be told, one in 1000 homeowners you talk to will ever know about these programs.  It wouldn't surprise me to learn that many lenders don't even know these programs exist. 

Remember, your business relies on uncovering motivated homeowners.  This one clearly isn't.  Just pass on him and talk to others.

<{POST_SNAPBACK}>

 

Thanks Michael! Next

[Brian - L.V. 0]

Lisa, true, Freddie and Fannie do offer their versions of lease purchasing. They are somewhat limited in scope and, truth be told, one in 1000 homeowners you talk to will ever know about these programs.

 

I didn't know that. I assume that they LO the property and turn around and either sell it outright or on a SLO. Is that right? If so, I can see where we could point out that they'd net a lot more by doing a CA with us.