New England Properties

Fannie Mae is Changing the Way it Offers Foreclosed Properties for Sale

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.

 

Lew Corcoran
Licensed Real Estate Professional

Best Choice Real Estate Services
133 Turnpike St, South Easton, MA 02375
Phone Toll-Free: (800) 984-3341

Serving Easton MA and the Surrounding Area

 

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2 commentsLew Corcoran • November 24 2009 05:12PM