Are you looking for a great deal as an Owner Occupant or an Investor?
Are you thinking about buying a bank owned (REO) home to accomplish your goals?
If so, NOW is the time to work with us to learn more about purchasing a home through the Fannie Mae REO program called HomePath.
View ALL Fannie Mae HomePath Foreclosure Homes for Sale
We can represent You to purchase a Fannie Mae (bank-owned) home either as an Owner Occupant or an Investor (and we are licensed and active in DE, PA & MD so we can help you compare and find the best value across state lines).
Fannie Mae’s unique “First Look” program allows a 15 day marketing period which contributes to neighborhood stabilization by encouraging home ownership. During this period, Owner Occupants who occupy the home as their primary residence, some non-profits, and public entities and their partners can submit offers and purchase properties without competition from Investor offers.
Investor offers submitted after the expiration date of the First Look period will be considered along with all other offers.
There are even special financing programs available for certain HomePath properties – either a HomePath Mortgage or a HomePath Renovation Mortgage.
A “HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.
A HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation – up to 35% of the as completed value, no more than $35,000. We can put you in touch with a HomePath lender to discuss which available financing options best meet your individual needs.”
Here are a few FAQ directly from Fannie Mae that may help answer a few of your questions to begin:
“Why does Fannie Mae have properties for sale?
Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.
What kinds of properties are available in the Fannie Mae HomePath database?
Fannie Mae's HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
How is buying a home owned or managed by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.
When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.
Has Fannie Mae fixed everything in the house?
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement.
Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn't mean everything in the house is new, or even works.
Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.
You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.
Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.”
To begin your search for your Investment or Owner Occupied property – whether it’s your first home or your fifth home – begin by:
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contacting us to discuss your goals, so that we can tailor a plan to meet them with you
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searching the available properties on our web site and contact us to schedule a personal tour.
We look forward to working with you to answer all your questions and assist you in making your real estate goals a reality.
John Luca 302-740-5872
John Luca, Realtor
Licensed in DE, PA & MD
Prudential Fox & Roach Realtors,
Direct: 302-999-6966
Broker: 302-999-9999
Cell: 302-740-5872
Footnotes: Direct quotes from HomePath website by Fannie Mae
