Inventory Increasing - REO Incentives Should Help

Although inventory is increasing, slowly, but still increasing, there are all kinds of ways to help buyers get into properties. Read the info below about buying REO properties. There are a quite a few in the 'shadow', but release 'em, we'll help ya buy 'em, and the incentives make everybody happy!

Special Offers

New Buyer and Selling Agent Incentive on HomePath® Homes

Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus for selling agents on HomePath properties through December 31, 2010.

Buyers and selling agents must meet the following qualifications to be eligible for the incentive:

• HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
• Only owner occupants purchasing a HomePath property will receive up to 3.5% in closing cost assistance
• Only selling agents representing owner occupants purchasing a HomePath property will receive a $1,500 bonus. To be eligible for the agent’s bonus, the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
• Buyers and selling agents must request incentive upon submission of initial offer in order to be eligible. 

Note: Offers submitted after November 15, 2010 may be difficult to close by incentive deadline of December 31, 2010.

Terms & Conditions:

• The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available.
• Retail and public entities are eligible for the incentive however pool and auction sales, and sales to investors are not eligible.
• Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus shall be resolved by Fannie Mae in its sole discretion.
• Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

 Courtesy of www.fanniemae.com