Fannie Mae Announces New Incentives for Bank Owned Properties

Fannie Mae “FNMA” took back 130,767 foreclosed properties in the 1st and 2nd quarters of 2010 and they were holding 129,310 single-family Real Estate Owned “REO” properties. 

Fannie Mae with such a large inventory announced incentives to buyers and sellers of its REO properties.

 On 9/22/10, the program announced a seller assistance incentive for properties listed on their REO website, HomePath.com.  They are also expanding the initiative to offer additional incentives to real estate agents and brokers.  Qualified owner-occupied homeowners can received up to 3.5% of the sales price which may be used towards the buyer’s closing costs including a home warranty.  Buyer’s agents may also qualify to receive a $1500 bonus.

 Eligible offers must be submitted on or after September 23, 2010 and must close by December 21, 2010.  The maximum amount of days to close escrow is 60 days from acceptance of their offer.

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