3 Things You Need to Know about Fannie Mae's First Look Program
If you've been on the fence about purchasing a foreclosure home, you may want to act fast. Especially if you found a sweet foreclosure deal on Fannie Mae's HomePath resale marketing site. That's because the “First Look” program is quickly coming to an end for qualified homebuyers to submit their offers. Here are 3 things you need to know about Fannie Mae's First Look program.
1.) Initially the First Look program is available to homebuyers first to disallow bids from investors on foreclosed homes during the first twenty days after being listed to cut back on the bid competition. But after that, investors are free to jump in. So at this point, everyone, from homebuyers to investors can get in on this deal.
2.) Fannie Mae's cash incentive First Look program is designed to save homebuyers cash as well as reduce their huge inventory of foreclosed homes flooding the market. As a result, Fannie Mae is temporarily offering qualified owner-occupant purchasers 3.5 percent of the purchase price toward closing costs.
3) About 31,000 of these foreclosed properties are listed on Fannie Mae's resale marketing site at www.homepath.com. But in order to take advantage of this new program, you have to act fast! Originally, to be eligible for the incentive, the initial offer must have been submitted before March 31 and closed on or before May 31. But thanks to a recent extension, the initial offer must now be submitted by April 30th and close on or before June 30th.
Fannie Mae isn't the only one offering foreclosed home buying incentives. Freddie Mac also has thousands of foreclosed home in their inventory available on their HomeSteps resale marketing site as well. Their First Look program offers an up to $500 homebuyer incentive.
If you have questions about purchasing a foreclosed home in the Las Vegas area, please contact the Simply Property Management team.
Simply Property Management – Paielli Realty, Inc.
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