Fannie Mae Giving Owner Occupied Buyers a Head Start!

Great news Renee, I know some clients that I am sending the link in your blog....Thanks!

Renee:  It is an awesome program and the fact that actual owner occupied borrowers may get a "shot" in this market is astonishing.  On a side note Cari & I are looking forward to attending the What Does it Mean to 'Get Business From the Internet' forum tomorrow and look forward to your input! ~Doug

Renee, That is great news for your Las Vegas Buyers. 15 days is pretty fast, buyers who want great houses better be poised and ready to buy!

That True,

I sent a full price offer to Listing Agent for a property that's  a great deal for investor on 1/29/10. Fannie Mae replied that we have to wait 15 days before they will counetr or accept our offer to see if any Owner Occupied purchaser will make offer. 

Sure enough, no offer from Owner Occupied. We just received a signed contract from Faniie Mae today less $250.00 of our offer. I guess the're giving my buyer a discount for waiting 15 days.

Go figure. Happy Selling

Renee - How's this working out for you there in LV?  Not seeing much improvement here in LA county.  What I have seen a few times are MLS posts that are stating this Fannie promo and then when you contact the listing agent, you find out that some of them are presenting all offers on day 15.  WTF???

Renee - This is great news for buyer's, especially the one's in Las Vegas NV up against all the cash buyer's.

Renee, I'm so glad that they haven't seen a little improvement in the market and stopped doing everything.

Renee - This is a glimmer of hope from Fannie that they may finally understand. Owner occupants are the key and the solution

Renee - we are seeing more of this in our MLS, too. I think it's great. Now if we could just do something about the onwer occupancy ratios for condos so those deals would not all have to be cash.

Jeff

I haven't heard of this Renee...thanks for always being up on the happenings in real estate!

They had better do something otherwise we're going to have such a GLUT of rentals . . . it'll hurt the rental market.  Why didn't they do that 6 months ago??  But, still good news.