FannieMae to pay closing cost on foreclosures
Fannie Mae has announced that it will pay the closing costs on purchases of foreclosed homes in its
inventory. Buyers of qualified properties will either get up to 3.5 percent in closing costs or an equal amount for the purchase of new appliances by using the Home Path program and closing by May 1.
Fannie Mae is doing this to clear out the approximately 50,000 properties in its inventory. They are listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The goal is to attract qualified buyers, reduce inventory of vacant homes, stablize neighborhoods and help the housing market recover. Fannie Mae is the largest provider of residential home funding in the nation.
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Shirley Parks, Broker
Sands Realty
210-414-0966
that is great news. thanks for infol
This should help move some homes. Very good news. Where is the money coming from?
That's a turn around. I had a fannie mae closing recently and we had to negotiate to get them to pay ANYTHING.
Shirley: This is a great opportunity for folks to consider buying a foreclosure.
Hi Shirley... How bizarre! Someone actually asked me about this today and I had to go find the info... I should have just been reading your blog! :)
Hi Steve *blush* thank you :oD
Hi C&C, Yes, sometimes people get scared by those closing costs!
Hi Marchel, Apparently, they have changed the way they do things. I haven't had a foreclosure buyer in a while.
Hi Eric, I would guess... Uncle Sam.
Hi Indera, Great news, indeed.
Howdy and Evenen Shirley
It sounds good, I can only see one problem with it. A lot of them homes are needen alot of work, alot more than whay Fannie Mae is a offeren. Plus I can see alot of the investors, that take shot cuts when fixen them up. Well be the one that will end up really benefiten from this. I just did an inspection of one the other day that a investor had picked up, and said they had fixed it up. I can tell you, the ways they did the fixen is going to end up killen someone. The report ended up being 75 pages. If they have a buy come along that does not have a Home Inspection done on it.
Wow Dale, That sounds pretty bad. Every buyer should have a home inspection done and this proves it!
Hi Shirley, I hope this helps reduce the inventory and helps buyers too. Dale's comment gives me pause....
I wish they had no inventory....but I should keep on dreaming!
It is about time they realized that if they want to compete they needed to do what most other sellers on the market were doing and that is paying for the closing costs.