NEVER PURCHASE A FORECLOSURE WITHOUT A COMPLETE HOME INSPECTION. We doubt this needs to be explained any further. Locating the earlier owner and receiving their cooperation on earlier maintenance performed on a foreclosed home is not likely to occur. There are several unanswered questions when these transactions occur. There are also financing options which allow more funding for renovation if necessary.īuyer beware when purchasing a foreclosure. These benefits apply to a primary residence, second homes, and investment properties. HomePath: Using HomePath Mortgage allows the purchase of a Fannie Mae home with a low down payment, no mortgage insurance, a low down payment, increased contributions toward closing costs (usually no less than 3%), no lender requested appraisal, and flexible mortgage terms. Usually, the Homesteps Program allows 3% of the sales price toward closing costs, and a limited 2 year warranty.
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Homesteps: After Freddie Mac acquires a residence the Homesteps Program allows for repair and conditioning of the home in accordance to ‘Good Neighbor Standards’ and will either give repairs for any items which are contingent on loan approval, or cut contributions to the buyer toward closing. This gives us an edge when representing clients purchasing Freddie Mac and Fannie Mae Foreclosures.įreddie Mac (Homesteps Program) & Fannie Mae (HomePath Program) Foreclosures. The Moyers Team are registered listing agents for Homesteps and HomePath foreclosures, and we’ve worked with asset managers assigned to Northern Virginia. Due to the number of homes they own across the country, foreclosed homes not insured by these government sponsored mortgage entities have to give the same buyer assistance offered by the foreclosure leaders. This gives the buyer an edge against other contract offers.įreddie Mac and Fannie Mae set the standard of how foreclosure properties are managed, maintained, released to vendors for marketing and sales, and any contributions or special incentives provided to purchasers upon closing. If the agent you are working with is an experienced foreclosure listing agent they will know negotiation and pricing practices of asset managers, and special offers by both government sponsored enterprises Fannie Mae and Freddie Mac. The best advice we can give you when purchasing Freddie Mac and Fannie Mae Foreclosures is to find a real estate agent who is certified as a Freddie Mac Homesteps Listing Agent, and Fannie Mae HomePath Listing Agent. Because of our involvement with foreclosure transactions we are often asked if there is a good strategy for purchasing foreclosure properties.
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