Posted by Michael Hughes February 8, 2010
Fannie Mae has announced a discount for buyers purchasing bank owned properties listed on HomePath.com. The discount can be applied by qualified buyers toward closing costs or the purchase of home appliances.
Fannie Ma will provide a 3.5% discount to those purchasing a real-estate owned (REO) property listed as part of its HomePath division, according to a company notice.
The discount can be used for closing cost assistance or the buyer’s choice of appliances. The offer applies to any owner-occupant who closes on a property listed on HomePath.com before May 1, 2010.
Eligible properties are listed on www.homepath.com . Other financing through Fannie Mae offers home buyers opportunities to purchase with up to 3% down. Now Fannie Mae is giving average home buyers a shot at those foreclosure bargains, through a program called “First Look.” The program limits offers on Fannie Mae foreclosed properties to potential owner-occupants and public-fund buyers for the first 15 days the property is on the market, meaning they get first shot ahead of the investors. Michael Hughes a Realtor with Fuller Sotheby’s International Realty in Boulder, CO said “this is a huge step forward in taking the control out of the hands of a few (investors) and putting control in the hands of actual new owners.”
- As little as $500 down as earnest money
- You can have the property appraised before finalizing the purchase and you can renegotiate your original offer after the appraisal!
- You have up to 45 days after your offer is accepted to close on the property – 15 days longer than with other Fannie Mae owned properties
Listings of available properties can be found on the Fannie Mae web site at www.fanniemae.com. Additional information can be found on those sites or by contacting a local realtor who works with Fannie Mae.
If you have questions regarding this article or Boulder Real Estate please call me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO
