Fannie Mae is offering a special offer to buyers of its HomePath® properties (Fannie Mae foreclosures). Buyers who close on a HomePath® property by June 30th can receive up to 3.5 percent of the sales price to be credited toward buyer’s closing costs.
The details of the HomePath® Buyer Incentive can be found here, but in a nutshell:
- The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011.
- Buyer must be an owner occupant and will be required to sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- Buyers and/or buyer’s agents must request the incentive upon submission of initial offer.
Thursday I wrote an offer for a client on a Fannie Mae HomePath® property. In addition to making an offer at 5 percent below list, we also requested the 3.5 percent closing costs credit. Fannie Mae accepted my client’s offer the next day. Easy peasy.
So, if you’ve got you eye on a HomePath® property give me a call. But hurry, because the sale must close on or before June 30, 2011. No exceptions. And as this note from the HomePath website points out: “Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30, 2011.”