Fannie Mae's new REO program may finally give primary home owners the break they've been looking for on the foreclosure front.
Until now, 'real' home buyers have been beaten out of most foreclosed home sales by bidding wars that favor investors with cash, a practise which fails to help neighborhoods recover as well as they might.
Starting this month, Fannie Mae homes will now go firstly to home buyers who plan to occupy the units they purchase, and will not be open to investors for the first fifteen days. During that time frame, Fannie will only consider offers from owner-occupant purchasers even if investors are ready to make superior, all cash bids for the units.
"[the program] provides owner occupants and public entities that are committed to the community an early opportunity to purchase one of Fannie Mae's REO properties," said Terry Edwards, Fannie's executive vice president for credit portfolio management. He went on to explain that the company is intentionally trying to give a leg up to ordinary buyers over private investors in order to increase owner occupancy levels in neighborhoods hard hit by waves of foreclosures.
Owner occupant purchasers will also get up to 45 days to close on their transactions - 15 days longer than other bidders get from Fannie Mae.
Prospective buyers of Orlando real estate looking for a great forclosure deals can contact the Orlando Real Estate Pros directly on 407-290-3408. Contact Condo Metropolis on the same number for foreclosures of Orlando condos.
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