As foreclosures increase, the nation’s largest mortgage financier has added 61,929 new REO properties to its inventory in the second quarter. In an effort to step up the unloading of these properties, FANNIE has created its First Look program. See, HomePath.com .
The program is aimed at assisting owner-occupied purchasers and public entities with purchasing the properties. Once the residence has been foreclosed upon, and assuming it has not been purchased by a third party through the foreclosure process, owner occupants, public entities and their partners can submit offers without competition from investors. The First Look period is typically 15 days.
On Thursday, new incentives were added to this program. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty, if available. In addition, selling agents representing owner-occupants will receive a $1,500 bonus. However, the bonus will be hard earned. Eligible offers must be submitted on or after September 23, 2010, and must close by December 31, 2010. The sale must close within 60 days of the offer being accepted.
Tisha Black Chernine, Esq.