Fannie Mae and Freddie Mac really want you to buy one of their 150,000 foreclosed properties!
To fully get your attention, Fannie and Freddie are offering low down payments and up to 3.5% in closing cost assistance, dropping the requirement for mortgage insurance, and allowing up to $30,000 to be added to the mortgage for renovations. Plus, the real estate agent selling the property gets a $1,500 bonus!
All these new incentives start on offers submitted on or after Sept. 23, 2010, and they must close within 60 days of acceptance but not later than December 31, 2010.
Typically, these foreclosures offer a significant savings over other similar homes in a neighborhood, and in some cases they undercut the average selling prices on like homes by as much as $100,000!
As you might imagine, these homes are often snapped up by investors to fix up and turn, but Fannie and Freddie Buyers are allowing buyers who plan to live in the properties a 15-day chance to view the homes before investors can purchase them. Investors with cash will likely snap up any properties remaining at the end of the 15-day grace period.
According to a Freddie Mac spokesperson, “Our goal is to recover as much as we can to offset our loss and not to be low balling properties just to move them. We absolutely have no motivation to be leading a downward spiral in home prices."
For full details, click here. To get a listing of available Fannie Mae and Freddie Mac foreclosed properties available for sale, contact me.
Michael Sebastian
OC Signature Properties
OrangeCountyFineHomes@gmail.com
(949) 795-3989
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