“It looks good, but that’s it,” she said about the incentive. Debbie Smith, president of Home Run Real Estate in Lake Worth, said closing costs are often negotiable but sellers want bigger profits and will favor offers where they don’t have to pay closing costs. Still, some brokers are suspect of how well the incentive will work. Homes can be searched online at “Our goal is to sell as many Home Path properties as possible to owner-occupants who will stabilize neighborhoods and help the housing recovery,” said Jay Ryan, vice president of foreclosure sales for Fannie Mae. There are more than 900 Home Path properties in Palm Beach County, according to Fannie Mae’s website.
You must have a real estate agent or realtor to buy a HomePath home. HomePath homes are usually more affordable than standard-market homes, but theyre also sold in as-is condition. Fannie Maes Ready Buyer program can help you buy a home with as little as 3 down. To be eligible for the incentive, buyers must put a contract on a foreclosed home - called Home Path properties by Fannie Mae - before March 31 and close the deal before May 31. HomePath homes are foreclosures owned by Fannie Mae. “It’s not something meant to be forever.”īut it could mean thousands of dollars in savings to a homebuyer, who may use the extra money for a bigger down payment. “From time to time they just come up with different ways to attract people to the market and encourage home buying,” Burns said. Keosha Burns, a spokeswoman for Fannie Mae, said there is no foreclosure flood planned. “Still, in terms of trying to help humanity, this is an opportunity that will help keep investors from grabbing everything.” “In Palm Beach County, you don’t really need to do this to get houses sold,” said West Palm Beach-based Realtor Shannon Brink, noting the dearth of inventory that ended the year with just a five months’ supply. In any case, the home buying and mortgage process will be pretty similar to the usual experience, though hopefully more streamlined and with less competition from other prospective buyers.
#Buying a fannie mae foreclosures free
The First Look program gives homebuyers who plan to live in a house up to 20 days to bid without competition from investors.įannie Mae, which buys and guarantees mortgages to free up capital, last offered the deal in 2011, and Realtors wondered Thursday if its revival was in anticipation of a load of foreclosures about to hit the market. But you can’t buy the homes directly from Fannie Mae.
The offer, which is only good from Friday through March 31, will contribute up to 3.5 percent of a home’s sale price for closing costs when buyers purchase through Fannie’s First Look program. A housing version of the blue light special was announced Thursday by Fannie Mae in an effort to quickly sell foreclosed homes in 27 states, including Florida.
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