Fannie Mae is Changing the Way it Offers Foreclosed Properties for Sale
For the first 15 days a house is on the market, Fannie Mae will consider bids only from buyers who intend to make the foreclosed property their primary home and from those who are using public housing funds. Investors looking to buy foreclosed properties will now have to wait until the homes have been on the market for at least 15 days before they can make an offer.
Fannie Mae said it is reducing deposit the requirements to as little as $500. In addition, home buyers will be allowed to renegotiate the purchase price after an appraisal has been completed, and can now take up to 45 days to make settlement instead of 30 days.
Freddie Mac does not have a similar program.
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